For-profit corporations approved for new housing at conference centers

NASHVILLE, Tenn. (BP) - LifeWay Christian Resources trustees have approved a resolution to establish four for-profit corporations that will develop and manage condominiums and/or townhouses at LifeWay conference centers at Glorieta, N.M., and Ridgecrest, N.C.

Corporate affairs Vice President Mike Arrington told trustees during their Feb. 7-8 meeting in Nashville that Ridgecrest and Glorieta both have excess land that is unnecessary for current and future ministries.

The new corporations will be responsible for developing and managing the condos and/or townhouses at the conference centers. After development is complete, Glorieta Condominium Development, Inc., and Ridgecrest Condominium Development, Inc., will be dissolved, Arrington explained. Glorieta Condominium Management, Inc., and Ridgecrest Condominium Management, Inc., will oversee operations of the new housing units.

The projected pre-tax profit of $1.32 million earned through this project will support LifeWay's $27 million revitalization of Glorieta and Ridgecrest that trustees approved during their meeting last September.