How Will This Project Be Financed? By Liz Ridpath Posted November 17, 2016 In Featured, Land & Building 0 0 This is a critical question, and one that we do not take lightly. It is very important to us that we are good stewards of our financial resources and do not take on any debt without a plan in place to pay it off. The estimated construction cost of the Transformation Option is $13M, including a 10% contingency. Consultants, architects, furnishings and equipment could add up to $3M. This project may be phased over more than 3 years, which could add $1M to construction cost in a second phase, depending on the support of an initial capital campaign. These are approximations based on cost estimation from a construction firm with experience in church construction. These estimated costs include the $2.5M in capital upgrades that will be needed in the Worship Center whether we choose new construction or stay in existing space. Financing Options $3.5M Debt that could be covered by capacity in our operating budget and other revenue $5-$9M+ Potential range of a new capital campaign $4M Debt that could be supported by lease of 60% of the Christian Life Center, at minimum projected rates $4-$6M+ Phase 2 of capital campaign, if needed $TBD In kind gifts, grants, and building efficiencies provide additional revenue or increase capacity for debt Capital Campaign If the congregation votes to affirm the Board of Director’s recommendation on December 17-18, a capital campaign will likely be launched in the Spring of 2017. Liz Ridpath Recent PostsUnityCompleting the Chapel & Matching GrantPhase 1 + Matching Grant OpportunityThe Adventure Is About To Begin!