Bids for Phase 2 Option A We do little more than already approved. This would add up to $690,000 to the original $3,000,000 mortgage. This includes the offices, owner’s work, A/V equipment, a 2nd driveway and children’s area parking.
Usable Space in Option A
Phase 2 Option B We finish everything according to the original design. This would add up to $3,700,048 to the original $3,000,000 mortgage. This includes the Saints Hall, Offices, A/V, owner’s work, a 2nd driveway, children’s area parking, and the full sanctuary.
Usable Space in Option A Usable Space added in Option B. Sanctuary fully finished.
Phase 2 Option C We make the sanctuary space usable. This would add up to $2,453,238 to the original $3,000,000 mortgage. This includes the Saints Hall, Offices, A/V, owner’s work, a 2nd driveway, children’s area parking, and some elements in the sanctuary.
Usable Space in Option A Usable Space added in Option C. Sanctuary with necessary finish.
Proposed total mortgage Mortgage Term (years) Estimated Monthly Payments on 4.5% Monthly Per Giving Unit (330 Units) OPTION A $3,700,000 25 $20,566 $57 15 $28,305 $86 OPTION B $6,700,000 $37,241 $103 $51,255 $155 OPTION C $5,500,000 $30,570 $84 $42,075 $127
We need to hear from you In order to increase our loan, the Bank will need numbers from us to show our commitment to paying off the loan. We also need to know where we are at before moving forward. Pray and fill out the mailed card or online survey (kearneyfb.org/buildingcampaign) this week to help us know what is wise.
To Keep in Mind… We have come from 36,000 sq ft to 108,000 sq ft We are still looking at costs in line with the 56th st project for 3.5x the space All estimates do not include selling the NE lot or a children’s area donation of $200,000 coming in over the next 3 years. We have spaces to rent. We have an enclosed building!!
Trustee Proposal for Aug 26th The Trustees are asking for additional loan for the completion of the project according to the options given to the congregation. OPTION A $3,700,000 OPTION B $6,700,000 OPTION C $5,500,000