|. .Weekly Newsletter. .|
July 3, 2016
Hold That Thought…
A Congregational Meeting has been called for Sunday morning, July 10, at 10:30 in the sanctuary. The purpose is to hear and act upon an important financial report.
Our Session, at the request of our Finance Committee, is ready to move forward. The time has come for us to build the next (and largest) phase of the Grissom Campus. By now you have likely seen the latest plans. If not, they are available online or at either of the church offices. You may well have made your final pledge to this campaign. If not, please take a moment to do so. Every gift makes this vision possible…
The last official step needed is approval of the financing for the project. The numbers are fairly straightforward. To date we have received just over 10 million dollars (including all gifts, pledges, and saleable assets) toward the final goal of 11.5 million. We believe that additional gifts will come in during the construction period. Any remaining balance upon completion will, of course, be converted to a permanent loan. The smaller that number, obviously, the better.
The Finance Committee has worked hard to secure necessary funds to get us from here to there. The good news is that several banks expressed significant interest (pardon the pun!) in our business. The even better news is that our current bank, Tidelands, has offered the most advantageous terms imaginable.
The construction loan allows us to have a line of credit (5-6 million) in order to complete the project. Pledges will reduce this amount to our anticipated permanent loan of approximately 2.5 million. Remarkably, the loan is for interest at only 3% during construction, being converted at the same rate for additional years that will include the principal, as well.
If these numbers seem a bit complicated, just know that we are blessed. The strong commitment of our congregation, coupled with the excellent terms of our bank, make this step possible. May our prayers continue to abound through this exciting journey of faith. Appropriately, one member of the Finance Committee concluded this long process by saying (for all of us!), “Amen.”
Dr. John C. Brearley