Anticipate Campaign Updates:
Giving:
We did it, with God's help! In 36 months, we have faithfully given to our 3-year campaign a total of $241,698.23 out of the $240,000 pledge. We are incredibly grateful for God's grace. The final expenses of phase 1 are still unknown but the likelihood is more than the cash we have on hand. If you are able, please continue to give.
Project Update:
We are almost to the finish lines with approval from the city and our building documents. our Landscape Architecture who has been representing us in front of all the boards in Springfield reports that the Springfield Water and Sewer Commission approval has stagnated but is pushing for final approval and acknowledgment.
The Department of Public Works responded with initial comments that are minor with the exception of the new bus stop and crosswalk imposed on our plans. Our Landscape architect has proposed a plan to accommodate the new bus stop and comments and is submitting it back to the DPW for conversation ASAP.
Line of Credit:
We have an open line of credit through New Valley Bank which gives us the financial freedom to move ahead quickly on construction projects. We will keep you up to date on any loan taken and payment plan. Currently, there is a $0 balance.
Next Steps:
- Finish Building Documents and get final approval from the Department of Public Works and Springfield Water and Sewer Commission.
- Interview General Contractors and get bids on phase 1 (the exterior work and front parking lots).
- Determine the cost difference between cash on hand and the cost of phase 1.
- The Congregation decides the ability to take on debt and pay it back.
- Options
- Start another Giving Campaign with pledges (to coordinate debt and plan payments)
- Increase Giving and Reduce Spending in the General Operational Budget to incorporate monthly payments toward debt.
- Options
- Hire General Contractor (Winter 2024)
- Break Ground (Spring/Summer 2024)
