What Will the Congregation be Voting to Approve at the Special Congregation Meeting on October 7, 2022?

At the Special Congregation Meeting on Friday, October 7, 2022 at 3:00pm, the Church Council will request the Congregation members to approve:

1. The design plans for the Activity Center, as revised;
2. The estimated budget for the Activity Center Phase and the Main Building Complex Design Phase of $1,650,000 which includes: (a) costs directly related to the building and use of the Activity Center ($625,000); (b) costs for support services incurred due to the construction of the Activity Center ($325,000); costs for the design/engineering professional contracts for the Main Building Complex ($425,000); and a contingency amount ($275,000).
3. The Line of Credit First Mortgage Loan in an amount up to $1,000,000 from Mission Investment Fund, Hope Lutheran Church’s present mortgage lender;
4. The 2023 Church Budget.

Reminder: This event will take place before the Church Picnic.

Below is the sample Ballot which will be used for voting for these approvals. The Resolution, which is part of the Ballot, is required to be adopted, in the form presented, by Mission Investment Fund.

BALLOT

Hope South Campus Building Project - Activity Center Phase and the Main Building Complex Design Phase:

           Approve constructing the Activity Center Phase and obtaining design/engineering contracts for the Main Building Complex (Design Phase), all as presented with a projected budget not to exceed $1,650,000 and also approve the $1,000,000 Line of Credit First Mortgage Loan from Mission Investment Fund in accordance with the attached Resolution from Mission Investment Fund.

      __________ I vote YES

     ___________I vote NO

MISSION INVESTMENT FUND OF THE 

EVANGELICAL LUTHERAN CHURCH IN AMERICA

8765 West Higgins Road Chicago, Illinois 60631

           “WHEREAS the Hope Lutheran Church (“Ministry”) proposes to borrow the sum of $1,000,000.00 from the Mission Investment Fund of the Evangelical Lutheran Church in America under the following conditions:

(a) The loan proceeds are to be used for the purpose of a line of credit, 

(b) The loan is to be secured by a first mortgage, or first lien deed of trust or other security instrument, on the real property of the Ministry.

(c) the loan will be for a term of 1 year at a rate of 4.25% to be adjusted every year, and it is 

           RESOLVED that (a) the Ministry is authorized to borrow the sum of up to $1,000,000.00 from the Mission Investment Fund of the Evangelical Lutheran Church in America, to be used for the foregoing purpose and to be secured by real property of the Ministry as set forth above; 

(a) The loan proceeds are to be used for the purpose of a line of credit for the Ministry to help fund the construction of a new activity center and site improvements,

(b) The President and/or any Vice President of the Ministry are authorized to execute the promissory note and mortgage, or deed of trust or other security instrument, to evidence said borrowing, with such changes in those documents as such officers of the Ministry may approve, 

(c) Those officers are also authorized to take all further actions and execute all such further documents as may be necessary to carry out the foregoing borrowing; and 

(d) Those officers are also authorized to agree to any extensions in the payment dates or due dates under that promissory note as are acceptable to the Fund.”

Hope Lutheran Church

250 Avenida los Angelos, The Villages, FL 32162

(352) 750-2321 hope4all.church