Word: congregationers
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Stymied in their efforts to sell the site, the seminary hammered out a mortgage contract with the Cambridge congregation.
According to Sibert, two separate appraisals of the property three years ago estimated its value at over $4 million—but the seminary knew that the congregation couldn’t afford that much money.
According to the terms of the contract, the congregation would have had until March 30, 2003—the end of this month—to raise the over $2 million sum to purchase the chapel from the seminary.
Sibert says that the House of Studies decided to extend the deadline to allow the congregation time to explore its numerous plans.
“We want the congregation to remain in the chapel if at all possible,” Sibert says. “They also have new leadership, and I think that there’s a new level of commitment. There have been some major positive developments in...