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Dear community leaders:
Many of you attended the general body meeting, on Saturday the 14th, and heard our announcement regarding our intention to purchase a building. This building would serve as an office for the Shura Council and a much needed headquarters for the Southern CA Muslim community. I’m pleased to share with you the great news that we are now officially in escrow. We signed the purchase-sale agreement, paid the deposit, and opened escrow on July 25th.
The clock has begun to tick and we have 45 days for the contingency period, and an additional 45 days to close escrow. This means we have to secure the funds within he coming few months.
Many of you showed great interest in supporting this project. It was extremely encouraging to all of us to see the community is behind its leadership in such a strong manner. Now we must put our hands together to make this dream become a reality as the community has done for so many other purchases through the years of masajid and other buildings. The purchase of this new center for the Southern CA Muslim community will mark a significant milestone for the local American Muslims of our time.
Here is a summary of the financial situation :
The final purchase price of the property is $2,975,000
The current rental income $15k per month, with the potential for one or two more tenants to move into the vacant spaces and generate additional $4-6k per month.
The lease agreement has been signed. Would be transferred to Shura Council as the new landlord)
Here is our plan to secure the amount:
1. Secure a down payment of 20-30% of the total price. Finance the remainder with an Islamic bank. The monthly rental income will be enough to pay the monthly financing payment.
2. Reach out to 3000 donors and ask each to support the project with $1000. This would be the long term plan to buy the property and/or pay off the loan within 3-5 years.
3. We are also inviting investors to invest any amount over $100k. Investors would then collect a share of the rent based on the ratio of their investment to the total price. Currently, the annual return is 6%, with room to grow. This investment will be short term as the Shura intends to buy back the shares from the investors within the coming 3-5 years.
Here is how your organization can help:
1. Collect donations from your community. If every masjid/organization is able to promote the $1000 campaign, we will be able to collect the full amount and might not even require financing.
2. Allow us to visit your masjid to educate the community about this great and important project, and ask them to support it financially.
3. If your masjid has some funds sitting in the bank, we encourage you to be an investor, your assets will generate halal income to your masjid that can help pay some of your monthly expenses. (Be assured that this arrangement will be done in the most professional way, abiding by all the legal and Islamic rules of investment, to protect your investment and maintain your share in the asset. Buy back terms can be customized based on your requirements)
I kindly request from you to discuss this with your board members as soon as possible. I appreciate your consideration of this urgent matter. Please feel free to email me with any questions you may have. You can also reach me directly at my personal phone any time to discuss this further, (714)414-7373.
It would be my pleasure to personally meet your board if further explanations and details are required.
I plan to follow up with each one of you in the coming week or two hoping that you have some good news to share with us.
May Allah bless our community and give us the support and help we need to achieve this important and overdue step in its growth.
Dr. Ahmed Soboh
Chairman, Islamic Shura Council of Southern California