URGENT APPEAL
Seeking $200,000 by December 20, 2019 to Purchase Adjacent Property to Alleviate Critical Parking Issue
Background
The Islamic Education Center of Pennsylvania (IECPA) is seeking $200,000 to purchase a property adjacent to the IECPA. The property will be used to alleviate current parking and entrance/exit issues, as well as serving as a waqf (i.e. an Islamic trust). The funds are required by December 20, 2019 in order to proceed with the Agreement.
Details
The IECPA entered into a Commercial Purchase and Sale Agreement with the owner of Paese Mio Pizzeria, located adjacent to the IECPA at 6561 Tilghman Street, Allentown, Pennsylvania.
Commercial Purchase and Sale Agreement
- Closing Date: December 20, 2019
- Total Purchase Price: $700,000
- Down Payment: $300,000
- Annual Installments: $400,000 [Over 7 Years; ~$57,000/Year]
Funding
- Down Payment: $300,000
- Cash On Hand: $100,000
- CASH REQUIRED: $200,000