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
- 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.