Loan & Ballot Review: Your Hope South Campus Update

What's New with the Hope South Campus Building Project?

Proposed loan from Mission Investment Fund of the Evangelical Lutheran Church in America (MIF) for which congregation approval is requested (approval based on the resolution required by MIF included in the sample ballot below):

1. Amount: $4,700,000, not to exceed $4,900,000.
2. Security for the loan: first mortgage lien on real property owned by Hope, as determined by MIF.
3. Proposed loan structure: Present mortgage loan on the Hope Central Campus will remain in place; separate construction loan/permanent loan will be placed on the Hope South Campus.
4. Construction mortgage loan on the Hope South Campus: 

a. To the end of construction: Interest payments with an interest rate of 7.375%.

b. After construction loan conversion: Permanent mortgage loan with an initial Interest rate of 7.375% for a term of 25 years; 25-year payment amortization with the option of choosing 3, 5 or 7-year rate adjustment.

Total projected Hope Lutheran Church Loan at the time the construction mortgage loan is converted to a permanent mortgage loan:

The Sample Ballot to be used at the Special Congregation Meeting on November 9, 2025, is as follows:

1. Approve constructing the Worship Center Phase 1 and associated site development, with a projected cost of $9,300,000, not to exceed $9,500,000, and approve the anticipated $4,700,000 construction loan, not to exceed $4,900,000, as specified in the following resolution: