How quickly the year has passed and Christmas is fast approaching! I hope this letter finds you and your family continuing to thrive in these uncertain times. In these closing days of 2021, the Corporation continues to be on solid ground, even with ongoing real estate challenges exacerbated by both COVID and an increasingly competitive real estate market here in Charleston.
As reported at the annual meeting, the board retained the services of a new property management company in June. Under this new relationship, we are seeing an increase in prospects for the two Center vacancies as well as ground leasing opportunities for the front parcel. The leasing process takes months to secure, as each prospect has to be assessed for creditworthiness and business viability. While nothing is promised until a contract is signed, we pray to have several new tenants in 2022. A reminder that, if you are approached about leasing one of the vacancies, please refer all inquiries to Craig Massey or Taylor Sekanovich at Avison Young (843) 725-7200.
The sewer line tie-in between the Center and the apartment complex, which was a stipulation of the land sale, was completed in September. Although the construction came in at budget, the Corporation was assessed an unexpected $45,000 fee from Charleston Water for joining the public water system.
As discussed at the meeting, the board has been diligent in putting money aside in reserves for the past three years to offset unexpected expenses. But the assessment, in combination with the Center vacancies and the tie-in, puts the Corporation in a weaker cash position than originally budgeted for the year. Due to these circumstances, the Corporation is not distributing dividends this December. Again, we anticipate a more positive 2022 outlook.
Planning is underway for the 2022 Family Reunion, August 5-7, 2022. More information will be sent out to all family members in January. A reminder that you may volunteer on a reunion committee by contacting Willette Smith at firstname.lastname@example.org. As the saying goes, more hands lighten the load. Volunteers are needed to help with everything from registration to planning the cookout and other events.
The mission of G-MDI is to maximize economic opportunities and financial stability for Green-Myers shareholders while having a positive impact on future Green-Myers generations and the greater Charleston community. One of the goals is to provide scholarships to descendants pursuing educational opportunities beyond high school. The board has been working to put a structure in place and will establish a scholarship committee in 2022. The intention is to award the first scholarship at the family reunion. We are looking for three (3) family members to serve on the scholarship committee - they can be shareholders or non-shareholders. Please email Willette if you are interested in participating at email@example.com . The first meeting will be held in the Spring and a call for applications shortly thereafter.
Finally, it saddens me to report that Arthurine Rivers, wife of President Emeritus Henry Rivers, passed away a few days ago. Please keep the Rivers family in your prayers.
In closing, the board asks for your prayers as the Lord continues to guide our actions to the benefit of our shareholders and family members.
May you have a safe and peace-filled holiday season. We look forward to seeing you in 2022.