Progress Update: Building the Future
I'm excited to share some fantastic news about our ongoing project! Since our last update, we've made significant strides toward bringing our dream gym to life. Here’s a rundown of what we’ve accomplished so far:
Milestones Achieved
Environmental Report Evaluation: We passed with flying colors! This was a crucial step to ensure that our new space is safe and compliant with all environmental regulations. It’s a big win that confirms we're on the right track. This was one thing that could’ve just killed the project. And with many decades being next to the railroad track, the flood in 2003, and the vinegar factory down the street, we really had no idea if this was going to go south or not. Very thankful!
Land Appraisal: Another big check off the list. The land appraisal came back positive, validating our investment and setting a solid foundation for the financial aspects of our project. We were confident here and it turned out great. The land itself actually appraised for twice what we bought the building for in 2012….. That shows you just how much the dollar has inflated and how much the property values have increased in Trussville.
Approval for CDC and SBA Loans: We’ve been approved for both the CDC (Certified Development Company) and SBA (Small Business Administration) loans. This funding is pivotal for our growth, providing us with the necessary resources to build out the gym to our high standards. With interest rates so high, financing through traditional means relying solely on the bank would be expensive and cumbersome. Using this has many stipulations but Drew (who is now a member of the gym) has helped us all along the way in securing this incredible tool. This way our blended rate is lower and we can save a few dollars. Glad it’s all panning out!
Next Steps
Temporary Flood Insurance: Up next, we need to secure temporary flood insurance. This is a necessary precaution to protect our investment against any unforeseen circumstances. Once this is sorted, we'll be ready to move forward with full force. The new building will be out of the flood plain, but we have to get it certified. I am very much looking forward to not having to pay for flood insurance anymore!
City Permits: Obtaining the necessary permits from the city is crucial for our progress. This involves a lot of coordination, but it's a step we’re prepared for and excited to tackle.
Fire Marshal Approval: Ensuring our facility meets all fire safety standards is paramount. The fire marshal’s approval is an essential part of this process, and we’re committed to meeting all requirements. We aren’t rushing this at all and will not complain one bit! We want to ensure this building is forever protected, one fire and two years of waiting is enough!
Team Effort
A huge shoutout to Blalock, Bryant Bank, Drew (with the CDC), our architect, engineers, and the city for their hard work behind the scenes. The amount of back-end clerical work and coordination involved is immense, and it’s heartening to see everyone hustling and giving their all. Each step forward is a testament to our collective effort and dedication.
Looking Ahead
With these major milestones behind us, we’re moving closer to the finish line. I’m incredibly optimistic about the upcoming phases and can’t wait to see our vision turn into reality. Stay tuned for more updates as we continue to build the future of fitness together!
Thanks for all your support and hard work.