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[We
Will Tell] [Photo
Gallery!] [Interior
Floor Plan] [Exterior
Rendering] [Project
Update Archives] [Giving
Updates]
The
Finances
The Cost of the Project
•
$6,214,000 – original bid package number
•
$5,383,400 - new bid number with alternates and adjustments
•
$592,000 additional costs – not included in bids
•
$5,975,400 – total cost
Financial Picture
•
$873,403 – Amount spent on project to date
•
$631,411 - Cash on hand (as of May 3, 2006)
•
$314,000 - Pledges payable by August 2006
•
$1.3 million – Estimated value of sale of current
facility
•
$575,000 - Estimated asset value of Grubb Road acreage
•
$17,000 - Interest Income expected before construction
How We Will Pay for It
•
We want to finish “Beyond Imagination” well
by encouraging all pledges to come in between now and
August. We also hope to raise some additional monies
from the church through creative income generation, special
appeals, and letters to Grace alumni. Our new campaign,
"We Will Tell" is beginning Fall of 2006.
•
Fall 2006 capital funds campaign "We
Will Tell" with a 3-year
duration seeking to raise at least $1.3 million
•
We are looking at an initial $4.65 million financing
package. The package will be arranged
so that we can rapidly pay down a portion of the mortgage
as our current
building sells and the pledges come in during the next
three years of our capital campaign. Our desire is to
get the long term mortgage amount under $3 million and
to get our ongoing monthly payment into the low $20k
range.
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