What are we proposing to build?
1. A new Worship Center approximately 50,000 sqft. with a seating capacity up to 1500 seats.
2. Repurposing the current Worship Center to be a secure, dedicated Children's department.
3. Repurposing the current children's area making it adult education space.
4. A Family Life Center on the Hilltop to provide a large meeting/banquet facility, to make possible a recreation ministry, and potential education space.
How much will the project cost?
1. We have an estimate from the architect for the Worship Center off $11 million.
2. We have estimated $50,000 for repurposing the current Worship Center in to the new Children's department.
3. The repurposing of the children's area for adult education is estimated at $50,000.
4. The estimate for the Family Life Center is $760,000.
5. The total construction estimate is $12,310,000.
How much is our current debt?
1. At the end of March 2016, our current debt was $1,797,498.02
2. At the current rate of payment, it is estimated that at the time we would need to borrow money, the existing debt would be approx. $1,600,000.
Can the current debt be rolled into the construction loan?
1. Yes, the current debt can be refinanced with the construction load with the new lower interest rate.
Is there an advantage/disadvantage to paying off the existing debt before moving forward?
1. The Finance Committee did an analysis of this option and determined that in order to pay off the existing debt, it would cause a delay of approximately 16 months, creating additional costs of approximately $1,741,441 to pay off the existing debt before moving forward.
2. There is the possibility of using some of the capital stewardship funds to accelerate payments on the existing debt while moving forward with architectural planning if the Financial Committee deems it financially beneficial, then rolling whatever debt is left onto the construction load when it became necessary to borrow money. The Finance Committee would need church approval for this authority.
Do we have a financial commitment from a lending institution?
1. YES. We have positive commitments from several banks and the Baptist Loan Foundation in Dallas.
2. We also have a tentative commitment from Mission Management Consultants of Orlando, Florida (MMC).
3. The interest rate offered by MMC is 2% fixed over 30 years. This loan involves the payment of 4 origination points (4%). The saving in interest will surpass the cost of origination points after 18-24 months.
4. A local bank is also working on creating a financial group that woul doffer similar terms to MMC.
How much do we have in our Capital Stewardship Fund?
1. at the end of March we had $4.3 million in cash and commitments.
2. These funds would be applied to construction costs or to accelerate current debt payment, if approved by the church, thus reducing the overall amount of the construction loan.
How does the Capital Stewardship Campaign work?
1. We are asking the church to make a sacrificial commitment over a 3 year period, over their regular tithes.
2. Families can give their commitment in a number of ways: weekly, monthly, annually, or a one-time gift. Some may give gifts in kind such as stocks, jewelry, or other non-cash gifts that would be acceptable according to our church's financial policies.
What have we done with the commitments and cash made back in November?
1. In November we asked those who made commitments to wait until the church made a final decision as to how we would move forward. Some have already begun giving their commitments which is the afore mentioned cash in the future building account.
2. The monies that have come in are in a designated future building account.
3. When the church makes the final decision on our future direction, we will ask families to begin giving their commitments. Those who have not yet made a commitment will have the opportunity to do so.
Have we considered other alternatives to new construction?
1.We have investigated the possibility of a satellite campus and adding additional service and or Bible Study hours. Neither option proved to be a viable or effective solution.
2. We began a remote service in the Garden Room at the 11am hour with approximately 50 people attending.
3. When refurbishing is finished in the Chapel, we can use that as a remote venue for the 11am service.
4. We are also refurbishing Bldg. 7 on the Hilltop which will provide three larger classroom spaces (35-50 capacity) and two smaller rooms that would accommodate approximately 15 adults in each.