A California mega-church filed for bankruptcy, but won’t have to leave its 40-acre campus thanks to an Orange County developer. The Crystal Cathedral will sell it’s church and the land surrounding it for $46 million to the developer. Greenlaw Partners of Newport Beach will build apartments on the land, but also lease the property back to Crystal Cathedral for $212,000 a month for 15 years.

Under the bankruptcy plan the church leaders will then have the option to buy back the church for $30 million within the next four years. The campus is where the well-known “Hour of Power” broadcasts its show, a 50-year-old program. Robert H. Schuller founded the Crystal Cathedral and filed Chapter 11 bankruptcy protection last fall, according to the Christian Post. Part of the plan includes a schedule for repaying vendor debt over the next 42 months.

In the plan, Chief Executive Sheila Schuller Coleman, the founder’s daughter, will receive $70,000 a year for her annual salary. The church plans to hire a chief financial officer and pay them a maximum of $300,000 a year. “We are pleased that we are able to honor the debt that we have incurred and to honor the creditors who are due their payment. We are thankful to the vendors for their patience and we are so sorry for any pain that they have incurred. To pay them back 100 percent has always been a top priority and we are grateful to God for providing the resources to be able to do just that,” said Coleman in a statement ahead of the exit plan filings Thursday. The Crystal Cathedral Ministries would like to thank our church members and friends around the world who have given from their hearts to help rebuild a solid foundation from which we can continue our ministry and launch the new vision for the Crystal Cathedral Ministries,” Coleman said in a statement.

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