wfn.org | Plans to convert Missions Building continue

["Wilma Shuffitt"<wshuffit@oc.disciples.org>]

Date: July 8, 1998
Disciples News Service
Christian Church (Disciples of Christ)
Contact: Clifford L. Willis
Email: CWillis@oc.disciples.org
on the Web: http://www.disciples.org

98b-40

	INDIANAPOLIS (DNS) -- A huge obstacle was overcome June 30 that will 
allow redevelopment of the historic Missions Building to begin. 

	The Christian Church (Disciples of Christ) and Indiana Black Expo 
were granted $4.2 million in federal tax credits to convert the 
structure into housing for senior citizens. The Disciples vacated the 
121,000-square-foot building on Indianapolis' Eastside in 1995.  
	Securing the credits means "a huge roadblock (is) out of our way,"  
said the Rev. Ryan D. Hazen, general manager, Christian Church 
Services. The project had virtually no chance of succeeding without 
the tax credits, he said.

	The partnership with IBE is "turning out to be a win/win situation" 
for both parties, Hazen added."We're (the Disciples) sort of a rookie 
in the process." With IBE "we were bringing some expertise to the 
table that was badly needed." 

	Black Expo's economic development division has worked with the 
developer before and has experience with similar redevelopment 
projects, said Hazen. Mansur Real Estate Services of Indianapolis 
will oversee the development project.

	With that obstacle bypassed, architects have begun work on the 
construction documents. Actual construction work will begin sometime 
in October. The building should be ready for occupancy in late 1999.

	Upon completion, the project will be a joint venture of the 
Disciples of Christ and IBE. Joint ownership of the building, 
however, does not mean the denomination will be in the housing 
business, said Hazen. "Someone else will be managing it for us. 
That's not our mission." 

	A management company, which has not been identified, will assume 
day-to-day operation of the new facility. Original plans called for 
Missions Building to be given to a United Church of Christ-related 
organization, Retirement Housing Foundation. When RHF's redevelopment 
plans fell through, retaining ownership of the property was the best 
way of ensuring that the project continued, according to Hazen.

	Proceeds from the project will be used to pay off construction costs 
and reimburse investors whose money made the tax credits possible.

	-- end --

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