The United Methodist Church of the Resurrection in Leawood, Kan., is creating a for-profit company and seeking $16 million to invest in real estate, Reuters reported Sept. 6.
The company, COR Development, plans to sell stock to the public later this month. It is targeted at church members but is open to any investor.
The registration statement filed with the Securities and Exchange Commission seeking permission for the initial public offering is believed to be a first for a church-oriented organization, people involved in the deal told Reuters.
The 10-year-old church has generated more than 8,000 members to become one of the fastest-growing in the U.S., in part by avoiding stereotypical church practices, Reuters said.
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