IBJNews

Big Anderson church files for Chapter 11 bankruptcy

Back to TopCommentsE-mailPrintBookmark and Share

The Madison Park Church of God in Anderson has filed for Chapter 11 bankruptcy reorganization, saying it was the victim of the recession and the closing of a General Motors Co. plant.

The church, originally known as North Anderson Church of God and located on Scatterfield Road, bought a 200-acre site near Interstate 69 in 2007 and built a church there using three bridge loans. One $6 million loan matured in July 12 and couldn’t be repaid because the church was unable to sell some of the real estate.

The bankruptcy petition, filed July 12 in Indianapolis, lists assets of less than $10 million and debt exceeding $10 million.

Madison Park Church is looking for a pastor, according to its website. In April, Jim Lyon had been the church's pastor for 22 years, said he was stepping down to become the general director-designate of the Anderson-based Church of God Ministries, which has 2,200 congregations around North America.

The Herald Bulletin of Anderson said about 3,000 families attend Madison Park Church.

ADVERTISEMENT

  • church
    any development would have been for senior housing, missionary housing, etc. all NON-profit stuff for the betterment of Anderson, not commercial for profit ventures.
  • Taxes
    I have long held the position that the newer churches (or, mega-churches) are a business rather than a place of worship. They should either forego their tax-exempt status OR, at an absolute minimum, only be property-tax-exempt for the church itself. In the instant situation, the 199 acres for parking, playgrounds, miscellaneous, should all be subject to property taxes, zoned residential in most situations. I am more than a little tired of seeing 25+ acres church sites popping up all over Fishers and Carmel in what should be residential areas, and we taxpayers have to pick up the difference in taxes...
    • Right On
      Well said Ben. I agree, tax the churches.
    • Tax The Churches
      As long as we're on the subject, tax the churches. There is good money in the God business. And yes, it is a business. Why do my employees and company pay taxes on the service we provide? Look at the materials of construction used in a church. While our houses are made of siding, they would be made of brick and limestone too if we didn't pay taxes. Tax them. And let them use siding our their houses too.
    • Pay Your Debtors
      One or more banks is going to take it on the chin because they took a flier on a speculative real estate deal. What church needs 200 acres and why? The banks deserve to lose thier shirts and the church should be embarrased for getting into something they know nothing about. I beleive the bible says to pay your debts.

    Post a comment to this story

    COMMENTS POLICY
    We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
     
    You are legally responsible for what you post and your anonymity is not guaranteed.
     
    Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
     
    No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
     
    We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
     

    Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

    Sponsored by
    ADVERTISEMENT

    facebook - twitter on Facebook & Twitter

    Follow on TwitterFollow IBJ on Facebook:
    Follow on TwitterFollow IBJ's Tweets on these topics:
     
    Subscribe to IBJ
    1. Good Day I am Mr (Victoria Wright) from United state of America, i stayed in NEW YORK, and i have a broke up business, until i found this company email who help me to gain a loan for business,, and now i want to used this short medium to congratulate the below company for the fast and safe money they loan to me without any form of collateral, i loan 500,000USD from the company to save my business and lots more, i saw their mail on the internet, everyone always give testimony for what they did, so i quickly contacted them and they all did everything for me without stress and my money was sent to my account just 3 days later, i was surprise and i feel so glad, now i have a standard business control agent who help me, now i will advice those who need urgent loan to contact him at the bellow email:zenithfirm12@gmail.com

    2. NOTICE:This is to inform the general public that Vampires are real. My name is James Franklyn.,am an agent of vampire,am here to introduce our new world trend to you,a world of vampire where life get easier,we have made so many persons vampires and have turned them rich,you will be assured long life and prosperity,you shall be made to be very sensitive to mental alertness,stronger and also very fast,you will not be restricted to walking at night only even at the very middle of broad day light you will be made to walk.In case you are wildly oppressed by some unscrupulous persons we can still help you fight them.Your protection is assured immediately you join.Just contact the bellow email if you are interested we are here to attend to you anytime you want us. Contact the bellow email for more details. Email:vampirescreed@hotmail.com Sincerely: James Franklyn.

    3. Bravo! Someone else that is willing to speak the truth! Bravo!_____NBCSN is available in almost 2 MILLION more homes than just a few years ago, but Indycar STILL gets less total viewers than it did just a few years ago when NBC took over Versus. Attendance and ratings cratered with the end of season races (just when the title battle got "interesting" HAH!__________And now...new race in Basilia, where Miles celebrated the "rich history" of Indycar racing there. Rich history? What, 7 events in the 100 years of AOW? Yep, some history. Well, at least its an oval. It's not??? Are you kidding me??? Gosh darn road racin furriners.

    4. PURITY RAY LOAN OFFER........ Have you been denied by your banks,or are you in need of of an urgent loan to pay of your bills we are capable of giving loans @ cheaper rate to interested individuals, student, companies and members of the public in need of finance to settle bills, we do offer considerable loans which you can count on. For more information on our various types of loan,then you will have to contact PURITY RAY LOAN FIRM, to help you achieve your desire LOAN APPLICATION FORM TO BE FILLED BORROWERS INFORMATION * Full name:………………………. * SEX * ……………………………. * Country………………………….. * State:……………………………. * Land:…………………………….. * Occupation:…………………….. * phone number:…………………. * Telephone: ………………………….. * Age:………………………………. * Amount needed as loan:……… * Loan Duration:………………….. * Propose of Loan:……………….. * Annual revenue:………………… * Monthly Income:……………….. * Guarantee:………………………. * Payment: monthly or annually Email.....purityrayloanfirm@gmail.com Thank you and God bless Mr Purity Ray PURITY RAY LOAN FIRM we tend to serve you better

    5. Problem: most of the people responding to this article don't know about this service AT ALL! Why? Lack of awareness. This isn't IndyGo. This is CIRTA: might as well be the mattress company because they are asleep at the wheel - something like 3 directors over the last year? Playing with federal grant money is great! This "region" wants commuter rail service, has spent MILLIONS on Transportation studies yet can't even support a commuter bus line? This is largely for suburban riders to get to downtown - not for "service people to work in our hotels and restaurants" ! Get your head out of your backside!! These are professionals, students etc. that don't want to fight traffic, save some money on parking, gas, stress.... if CIRTA would put their federal money into widely promoting the sevive to Greenwood, Fishers & Carmel instead of finding directors and studies - this would be a successful service. Our family uses(d) it daily for the last several years - but the recent uncertainty & now unreliability due to cuts from Carmel has been a problem. Now, costs us an additional $350/month for gas & parking ( $4200/year) plus vehicle wear, service, environmental impact ... YES - this REGION needs this this type of service in order to keep growing and getting the people it needs to fill skilled positions in downtown Indianapolis. Think outside of your own car !!!

    ADVERTISEMENT