At last Sunday's quarterly meeting we received an updated estimate of project cost that was 9.1% ($200,000) higher than when we paused the project in March, 2020. Material costs are driving the increase. It was decided at the meeting to keep working toward a Guaranteed Maximum Price (GMP) contract with our builder while arranging financing.
To those ends we submitted a loan application to WELS Church Extension Fund this week. It proposes a 25% down payment instead of the 10% of their loan commitment to us last year. Funds for the larger down payment will come from the proceeds of the sale the duplex property (something Sunday's quarterly meeting directed the officers of the congregation to pursue) and Today, Tomorrow & Forever capital campaign funds.
The resulting annual mortgage payment of approximately $146,000 is $33,000 higher than our current payment and operating surplus. To service this debt and make up for the loss of duplex rental income requires a 10% increase in member giving.
Assuming the moving parts of project cost, financing, property splitting and sale can work out favorably, final approval to sign the construction contract and enter into financing will be sought from the congregation this spring yet.
Mothers’ Day Flowers
Mothers in attendance next Sunday will receive flowers to take home with them in honor of Mothers Day.
We are planning for the triumphant return of Vacation Bible School this year! We will host "Rocky Railways" VBS the week of July 26-29 (Monday-Thursday). It will be from 9:30-Noon each day for students entering K or DK through students entering 5th grade. An online participant sign-up will come out closer to the date, but for now we need adult and teen members willing to be part of our crew! Please contact Amy Sullivan or Pastor Hahm if you would like to help God's children find their ROCK during these rocky times!