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This is such an amazing concept that goes way deeper than we could possibly cover in a short blog post. This has all to do what what we do as missionaries, and the Second Coming of Christ. So let's break this one down a little bit as well.
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Second, "We believe that Zion (the New Jerusalem) will be built upon the American continent." This one comes due to modern revelation. Zion, or the New Jerusalem, will be built here in America. The Lord has said that Zion will be in Independence, Missouri.
Third, "We believe that Christ will reign personally upon the earth." Christ is going to be the guy in charge! That will be a great day. The Lord himself will reign. His presence will be felt and all the world will praise him.
Fourth, "We believe that the earth will be renewed and receive its paradisaical glory." The earth is going to be awesome! Everything will be perfect. It's like the earth getting resurrected, and so just like us it will be perfect. That will be the day.
All of this will be taking place before, during, and after the millennium. It is going to be a great and dreadful day. Hopefully great for many rather than a few.