October 31, 2007 in Business

In brief: Church building $8.4 million facility

The Spokesman-Review
 

Real Life Ministries is building an $8.4 million church with a sanctuary that doubles as a gym on 48 acres on Barker Road in Spokane County.

The church, an offshoot of Real Life Ministries in Post Falls, purchased the land for $300,000 a few years ago and has been meeting at Central Valley and University high schools while the congregation raised money for the project, said Deb Farnsworth, facility administrator.

The 32,000-square-foot church is two stories, with offices on the second floor, and was designed by Spokane-based Artios, an architectural firm. Elmer Construction, also of Spokane, is doing the construction work.

Farnsworth said the church’s attendance averages about 1,000 people on Sundays. The building is designed for use by various groups within the church but also to be utilized by the greater community.

“We do envision putting in some sports fields,” Farnsworth said. “We don’t want it to be utilized just one day a week.”

Insurance firm posts loss

North Coast Life Insurance Co. directors have postponed dividend payments on preferred stocks after the firm posted a third-quarter loss.

The Spokane insurer lost $60,360 during the July through September period, though it showed a year-to-date profit of $50,232.

The company has paid $272,018 in preferred stock dividends so far this year, even as its net worth – called capital and surplus in the insurance industry – declined $393,000 since last December and sits at about $5.4 million.

North Coast’s board discussed establishing a minimum net worth.

The company is regulated by Washington Insurance Commissioner Mike Kreidler’s office and must maintain a net worth of $4.8 million.

The insurer was founded in 1965 and sells annuities and life and term insurance.

Shares are traded over the counter by ticker symbol NCLIP.

It suspended dividend payments in January 2003 then restored them in the first quarter of 2006.

C. Robert Ogden is chairman of the board, and Robert J. Ogden is the company’s president.

Distillery’s vodka, gin now available

A Spokane liquor store on Tuesday became the first in Eastern Washington to stock vodka and gin made by local craft distillery Dry Fly Distilling Inc., a Dry Fly co-founder said.

The spirits sell for $32 a bottle at state liquor store No. 185, 1601 N. Division St. The store ordered 72 bottles each of vodka and gin, and each bottle bears the initials of the distillery’s founders, said manager Bud Birch.

Dry Fly’s founders bill it as the first working grain distillery in the state since Prohibition. Some stores in the Seattle area have stocked the alcohol.

State law doesn’t allow Dry Fly to sell bottles at its East Trent Avenue site, but adjacent Northern Lights Brewing Co. is expected to offer the booze in its pub, said Don Poffenroth, Dry Fly co-founder.

The stocking ends a months-long process of gaining state and federal approval, purchasing supplies of Washington-grown wheat and other ingredients and bottling the finished product. The bottles were shipped to a state warehouse in Seattle before being sent back to the store, Poffenroth said.

The distillery has produced about 70 cases of vodka and 30 of gin, Poffenroth said. Liquor stores can request to carry the products.

From staff reports


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