How do we plan to pay for Phase 1?


 

 

 

Included in Phase 1:

  • Children's Building: $8.7 million
  • Chapel: $1.6 million
  • Expanded Lobby: $1.7 million
  • Worship Center Sound: $600,000

 

Important Notes


 

 

  • The pace of develoment will be directly tied to the amount we, as a church, pledge.  
  • The Master Site Financial Task Force and Budget/Finance Committee are committed to not let our debt level become cumbersone.
  • The remaining costs of Phase 2 (Education Space) and Phase 3 (Actvitiies Center Enhancements) are estimated at $8 million and $2.3 million, respectively.  

 

 

The Fine Print


 

 

  • All construction costs are estimates.
  • The "% of budget" shown for debt services is compared to the 2013/2014 budget of $4.3 million.
  • The debt service amount utilizes a 25-year amortization with a fixed 5% interest rate and no principle payments in the first 3 years.
  • The Budget/Finance Committee and church leadership will carefully manage the debt and plan to have it paid before the 25 year mark.