I won't burden you with the details, but now - three months after our scheduled start date - we're almost ready to start construction. Actually, WE'RE not starting construction. The person who owns the property at our new location is.
Confused? I suppose at this point I should burden you with at least one or two details.
The original plan was simple. Sell our building. Buy new property. Build new studio.
Then we discovered the 1031 Tax Deferred Exchange. If you're not familiar with this somewhat arcane section of the IRS Tax Code, essentially you can defer capital gains taxes on real estate appreciation by exchanging for property of equal or greater value. It's complicated, and you have to meticulously toe the line on the rules. But after careful consultation with our accountant and attorney, we entered into an agreement with the buyer of our building to swap our current property for our new one. He is the owner at our new location and will build the studio to our specifications. Once construction is complete, we'll exchange properties, move into our new digs, and resume business as usual. Pretty cool, huh?
It's at times like this that I REALLY appreciate our excellent accountant and attorney. Patti Belcourt and Jerry Jernigan - take a bow.
At this point I have to acknowledge, most folks aren't going to be that interested in the tiny particulars of our upcoming move. You have your own business to attend to, and it's undeniably a bigger deal for us than it's going to be for anyone else. While we're confident you'll enjoy the new studio and appreciate its amenities and capabilities, I'm reminded of the old Southern saying, "I just want the biscuit - not the recipe."
However, on the off chance that there other other geeks like myself who actually want the recipe, I'll keep posting periodically. To whet your appetite, here are some site photos and an architectural floor plan. Click images to enlarge.
More to come!
