Ministry Center Financing Finalized
We are very pleased to inform you that we have final financing in place for the Ministry Center. With the expert assistance of Vestry Finance Committee, parishioners Charles Graybeal and Phil Tromans, the best church Treasurer in the diocese, Peggy Miller, and our excellent legal counsel, Pat Bruce, we closed on a line of credit of $1,200,000 with Access National Bank of Reston.
We were impressed by the professionalism and thorough analysis of our loan team, and the details of the final proposal. The process of selection over the past six months included development of a detailed request for proposal, creation of a bid list (11 banks), in-depth evaluation of loan proposals, and negotiation with the top third of respondents. Each of these individuals deserves our heartfelt thanks for their efforts. If you have any questions about the financing, do call Kevin Reynolds at 571-237-9698. He would be happy to discuss the details with you.
We do not anticipate that the line of credit will be tapped until late this year, at the earliest. Thanks to your generous pledges, we have most of what we need for 2018 construction already in the bank (earning interest!), with some pledges still coming in (it is never too late to contribute). Moreover, through the efforts of our facilities chief, Tom Gadell, and our building committee headed by Bill Longhi, we are working to ensure that we stay under budget and minimize expenses. So far, all signs are positive. Be warned that if you pledged to the Capital Campaign and have not fulfilled your pledge, you will be receiving a gentle reminder in the coming days. The Vestry’s intention is to complete the Ministry Center with a minimum of debt and to pay that debt off as quickly as possible.
The Bishop’s Visit
Changing gears, what an incredible celebration on June 10 as we welcomed Bishop Ihloff! He baptized, confirmed and received a dozen adults, and confirmed another dozen youth into our Parish—a true sign of the health and vitality of Holy Comforter. After the liturgy, we treated the Bishop to our annual parish picnic. Tom Gadell again came through with his “to die for” pulled pork, smoked turkey, and baked beans, and our church family provided the potluck items that make a parish event so wonderful. A special thanks to the ECW for their usual and often unsung contribution to our confirmands. In addition to the two beautiful cakes we all enjoyed, the ECW always gives a Book of Common Prayer to each of those confirmed—a tangible and living sign of the Church’s commitment to each of them as they set off on their individual spiritual journeys.
If you have any questions about the Ministry Center or anything else church-related, please feel free to contact your wardens or find a Vestry member in the narthex on Sunday. We all make a special effort to be available every Sunday.
Yours in Christ,
June and Kip