Can we save money if we wait to build?
With industry input, including from our General Contractor, we expect that costs will continue to escalate, not go down. Many of our current subcontractor bids have a short expiration with expected increases if we delay.
Can we reduce the cost of the project?
YThe building committee and staff have worked to reduce the cost of the total project and continue to look for opportunities to reduce costs without sacrificing the aesthetics or function of the church. Reductions have happened at several points in the process – including master plan, initial design and at costs for design. Decreases in building size have not been considered as this would compromise our ministry plans.
Can we build the campus in phases?
Both the costs and the ministry needs make this option very difficult. Phasing the building would mean long-term higher costs and would require us to maintain two campuses. Our proposed financial plan includes the sale of our Locust Street campus.
Can we afford to borrow $6,000,000?
To make this decision, our 5-year revenue/expense projections, our current expenses that will be reduced (including BECA rental and Locust St. mortgage) as well as our past track record of debt retirement have been considered. If we raise more money from SHINE BRIGHT, we will borrow less money.
How soon will we know about the proceeds from selling the Locust Street campus?
The Locust St. church is currently listed for sale. After consultation with our realtors, we believe that it is prudent to assume that we will net $500K from the sale of the Locust St church after paying off our mortgage. Pray for a willing and qualified buyer! The staff and officers of the church will work together to assume a smooth transition and ministry continuity.
When will we move in? Are we delaying?
As of this Fall, we still are hoping for a December 2022 move in date.
Why did we break ground before we knew the Total Project Cost?
We started our excavation work in order to do that part of the construction before the winter months. A delay in that work would have resulted in higher costs and a delay in our December 2022 move-in. We could not have predicted the exponential increases in costs.
When do I need to give my SHINE BRIGHT Gift?
SHINE/SHINE On was a three-year commitment ending in 2022. SHINE BRIGHT commitments will extend the campaign through 2023. Gifts made sooner than 2023 will delay our need for additional construction financing. .