, 19 tweets, 7 min read
1/18 LONG THREAD: Harvest Bible Chapel Niles' Financial History is interesting …and also something that Greg Bradshaw, Mo Zachariah, Al Miranda, & Brian Laird didn’t talk about in their May 30 video OR in the 5/30/19 Niles family meeting. Let’s take a look…
2/ On 5/11/04, Harvest Bible Chapel of Niles was formed as an IL NFP corp. 1 mo. later, Crossway Baptist Church (w/prior name Belden Regular Baptist Church still on 7333 N. Caldwell deed in '04) transferred property to that newly-formed corporation. CBC was dissolved Oct '04 2/
3/ On Jan. 21, 2005, HBC of Niles took out a 2-year, $6.6M interest-only loan that was signed by then-HBC1 EB Chair D. Corning & Exec Pastor of Business Operations Daryl Rice. It was paid two years later. However…
4/ As far as I can tell, that interest-only loan doesn't show up in HBC1's EOY statement for 2007 (which includes comparisons of debt on all properties in 2006) harvestbiblechapel.org/wp-content/upl… Do you see it? @jenjem0201 @Blondiegirl29 @MemberHarvest
5/ In Sept. 2007, there was a change of agent for HBC of Niles when Daryl Rice left HBC1, & another CoA in Aug 2010, to D&L Company Agents. Today, “Harvest Bible Chapel Niles” is a reg. corp (Chris Nudo agent), & it appears there was a name change that dropped “of”. Interesting.
6/ The HBC 5G capital campaign put $4.7M into the building expansion project at 7333 N Caldwell. Congreg met at Culver School til during construction, til Dec '13. We vividly remember being promised that the construction would be paid for solely out of 5G. But was it? Not sure...
7/ In April 2014, HBC of Niles Corp. signed the deed on 7333 N. Caldwell over to HBC1.🤔Was that part of a deal? “You sign it over to HBC1 Corp after 5G $ expands it?” I get that HBC of Niles & HBC1 had same Elders, but what was that sign-over about? Hm...
8/ Then, 2 months later, in June 2014, HBC1 promptly took out a $3.6M loan on 7333 N. Caldwell. Was Niles construction more than $4.7M, or it was a way of moving HBC1s other debt around? Maybe both?🤷‍♀️Would love for real estate lawyer to read all HBC mortgage records & chime in.
9/ As of 12/31/17, HBC1 owed just over $2M on 2014 loan against the renovated Niles building. Loan was due on July 1, 2019. I don’t see a release or new loan in Cook Co. records, which supports the theory that the lender on the anticipated HBC Niles (Cityline BC) church is ECCU.
10/ On May 29, 2019, after 6-hr+ meeting, HBC1 Elders voted yes to a deal that set HBC Niles “free” from HBC1. Info given at 5/30/19 Niles “family mtg” &in an FAQ that uploaded on the HBC server on 8/2/19 gives slightly diff. info, but let’s go w/FAQ numbers as “final” 4 now…
11/ The new church-Cityline Bible Church-“plans to secure a $4M mortgage, WHICH VALUES THE PROPERTY AT $5.3M” & “will require a $1.3M DP” that will (hopefully) be raised via pledge drive & “outside fundraising” #mysterymoney. They do NOT say the sale/purchase price. #intentional
12/ FAQ also says church is planning to obtain “the lowest interest rate” and expects a 10-year mortgage. With a $4M loan, it’s fair to say that they are already working against their claim that “some debt is reasonable.” $4M in debt for ~900-1000 Congregants is #highrisk
13/ This wknd, HBC Niles is officially launching as Cityline. Greg Bradshaw said in the 5/30/19 Niles mtg that as of Sept 2019, CBL will pay their ministry expenses, & will pay all operating expenses when the mortgage deal actually closes. Right now, HBC site says Jan 2020.
14/ Cityline FAQ says until then, any $ over operational “needs” will go to DP after reserves are secured. $45K already given to Closer went to DP account, as will pledge giving. It’s unclear whether “any future amounts given to Closer” is specific to Closer Gvg from only Niles
15/ Bradshaw was emphatic at Niles mtg that Cityline will only begin to pay all of their own operating expenses AFTER the closing on the mortgage. Is there is ANY risk of the $1.3M DP not being achieved? How transparent is Cityline BC’s leadership being w/the Congreg?
16/ The source that tipped me off about the deal in late May said there was a generous donor, and that the ransom price was over $6M. True? Seems HIGHLY unlikely that anyone would ask ~900 people to raise $1.3M in 7 months (Greg Bradshaw’s timeline, given on 5/30/19)...
17/ ...unless there was an assurance of big donor $. Niles says they’ll take in ~$2M THIS YEAR. Needing $1.3M ABOVE that is….reckless. So, what AREN’T they telling the Congregation? What is the total, actual amount that HBC Niles/Cityline is paying/has paid HBC1 for freedom?
18/18 In summary, secrecy around HBC Niles/HBC of Niles lives on in the plans for Cityline Bible Church. Seems like CBC will be Harvest 2.0, w/a new name, & a James Mac-trained senior pastor who ingored & gaslighted discerning congregants for years. Boo. ###
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