Update on the Sale of the CBAC Office Building

On May 16th, we publicly announced the possible sale of the CBAC Office Building. Part of the progression toward the closing date of July 31st included an opportunity for the potential buyer to perform their due diligence which included inspections, title searches, etc..

During this process, a couple of issues were discovered that have meant delays to the timeline. The most pressing item is a condition attached to the zoning of the property that we must resolve with the City of Saint John prior to selling the property. We will make application with the city to have the condition removed but it will mean a delay in the actual closing date. We are reasonably estimating that
the new closing date will be around the end of September (still to be confirmed).

This will allow additional time to have our space at Crandall University ready as well as more time to sort, purge and pack what we will need in our new space.

All indications are that the buyers are still very interested.

We ask that our churches continue to pray with us for a smooth process with the city and the buyer.