Gamma Lambda Chapter of Beta Theta Pi at Oklahoma State University
Issue link: https://www.epageflip.net/i/877430
CAMPAIGN UPDATE – SEPTEMBER 2017 We are excited to announce that, after almost four years of work, the Gamma Lambda committees and project volunteers have set a construction period for the demolition of the old and the building of our new house in Stillwater. In May 2018 after classes are finished our house at 1207, that has served us well for 79 years, will come down to make way for a new Beta house that will serve as home for generations to come. Construction is scheduled to be completed and the move-in date will be in August 2019, in time for the 2019-20 academic school year. The brothers who have so conscientiously been devoting their time and effort believe that we can commit to the construction of a new Beta house. The campaign will be in progress but we feel that it is a disservice to our chapter brothers, as well as our alumni, if we don't replace our 79-year-old facility now. The preconstruction project cost estimate before financing is $6,300,000. At present, fundraising stands at nearly $2.8 million. We ran cash flow models, obtained house rentals for new fraternity housing, and we looked for a balance of fundraising and debt that we can safely support. Many of you know our plan is for a 100-bed house and the revenue generated from house rentals increased the level of debt that we could service. This revenue from 100 beds, coupled with over 150 chapter active members, gives us ample room to service debt. The fact that construction will begin in May of 2018 does not mean that the fundraising is complete or that we don't need your help and contributions. The more we raise, the less we have to finance. Our immediate fundraising needs now include $200,000-$250,000 to handle cash requirements during the construction phase. Projections of another $150,000 are needed to service financing a few years after completion of the house. We need you to stand up and be proactive by contributing to the campaign now. Please remember, we need the pledge card to record your gift. Certainly additional gifting is greatly appreciated, and we hope to get your decisions soon. ADDITIONAL PROJECT DETAILS If you want to review greater levels of planning and project activities, the following provides further information. Our Real Property – The real property and improvements owned by the Building Corp. are located at 1207 and 1215 West University in Stillwater, Oklahoma. In the 1930s, the Building Corp. acquired the real property located at 1207 W. University and completed the initial construction of the Beta house in 1939. The Beta house at 1207 has housed the Gamma Lambda chapter of Beta Theta Pi since its construction. In July 2001, the Building Corp. acquired the adjacent property located at 1215 W. University. With the acquisition of the adjacent property, the Building Corp. owns an entire block of frontage on West University and more real property than any other fraternity or sorority owns or will likely ever own at Oklahoma State University. The proximity of the real property to the campus of our university and the square footage give the real property unparalleled prestige and value. A New Beta House Is Coming to OSU! Construction Period May 2018 – August 1, 2019 Think Back. Think Big. Think Beta. OKLAHOMA STATE UNIVERSITY • GAMMA LAMBDA CHAPTER, EST. 1923 Rise to the challenge by donating today! (Continued on page 2)