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Membership Vote on Future LAR Facilites

Important Vote for all REALTOR Members

Online Voting will begin Monday, July 27th at 9:00 a.m. and close on Monday, August 17, 2020 at 11:59 p.m.

Voting link: https://www.ezvoteonline.com/LARBuildingVote 

Your login will be your Email and NRDS number

History of the Lubbock Association of REALTORS Building and Past Task Forces

The current association office at 5015 Knoxville Ave was purchased in 1969 and has approximately 6,000 square feet, of which 800 feet is storage, not usable for the public. Over the past 25 years, the membership has grown from just over 300 REALTOR members to over 1,350. In that time, the office has not had any structural additions or renovations to accommodate the space needed for growth in membership, the number of education courses we offer, committee meetings, and additional staff. When having education courses or meetings with more than 15 people (which is often), lines form at the restrooms due to the lack of proper space and we hear complaints often.

Over the last 15 years, there have been several Task Forces formed for facilities and investments for the Asscoiation, and at times they have approved smaller updates and light remodeling.

In 2016, a Task Force was recreated to plan a remodel of the current building. After two years of work and numerous town halls presenting the proposed remodel, the feedback received was that the Association should give the members options beside just a current building remodel, including moving locations to a new or existing building, with the possiblity of having leasable space for non-dues revenue for the Association and its future members.

Based on the recommendations above, members will vote on their favorite two (2) choices from the options below. The top two choices with the most votes will give the Building Task Force and the Board of Directors permission to move forward with whichever the Board of Directors determines is the best option for the Association members. This decision could be anytime between 2020 and 2023. No buying agent will receive compensation on this transaction (if any).

Financial Update:  The Association has over $2,100,000 in available cash assets plus the land investment worth over $800,000. The Association will apply up to $1,500,000 of those funds toward a purchase or remodel and would keep $500,000 - $600,000 in operating funds for emergency use. Any remaining balance (if needed), will be financed with a local bank, with the Finance Committee negotiating the best terms and rates. The Association will also look for corporate sponsorships to offset costs.

 Members will vote for two (2) choices from the five (5) listed below, please read all five (5) choices carefully!

1. Find, purchase, and remodel or finish out an existing building of at least 8,000 square feed located in Southwest or other covenient location in Lubbock to be occupied by the Association at a total cost including purchase and renovation, not to exceed $1,750,000.

2. Find and purchase a larger existing building(s) Southwest or other covenient location in Lubbock to remodel or finish out, with a portion to be occupied by the Association and the remaining square footage to be leased for non-dues income at a cost of the purchase and renovation not to exceed $2,750,000. Lease space would generate long term income for the Association once the note is paid off.

3. Build a customized new facility on the land the Association currently owns (which is paid for) on the West side of Slide Road and 110th Street of approximately 8,000 - 10,000 square feet. The lot size is 72,814 square feet. This cost would not exceed $2,200,000.

4. Purchase new land to build a new facility on. This option would allow the Association to accommodate a larger building and have lease space for future tenants and more parking spaces. The lot would need to be more than 90,000 square feet and would be in the $600,000 - $1,000,000 range, with a new building being 10,000 to 15,000 feet in the future, and current cost would be around $200 a foot. Total costs of the lot and the new building would range between $3,000,000 - $4,000,000 depending on exact size of each, and the timing of the purchase. Lease space would generate long term income for the Association once the note is paid off.

5. Build or find a satellite Association office in South Lubbock that is 3,000 to 5,000 square feet not to exceed $1,000,000 for the key service, several offices, conference rooms, restrooms, or as deemed best use by the Association staff. The Association would keep the current building at 5015 Knoxville Ave and update system, re-design the floorplan, and remodel the interior to the best usable floorplan at an additional cost not to exceed $550,000. Future budgeting could remodel the exterior. This option would not exceed a total of $1,550,000.

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