Congregation Approves Construction for Accessibility
and Renovation
Fred Bowell and Carol Capps, co-chairs
Task Force on Accessibility and Renovation
We've taken
a big step forward toward our goal of becoming accessible to all. The congregation
voted 71-12 on March 28 to enter into a contract
with Kfoury Construction Group for $1,503,730 for renovations that
will make our building accessible and more open and welcoming to the
community. The resolution proposed by the Congregation Council and
approved by the congregation also authorized the Task Force on Accessibility
and Renovation to work in concert with the Council to secure adequate
funding for the renovations.
The next step is to sign a letter of intent with Kfoury Construction
Group while we secure funding for a loan. Once we are approved for
a loan we can sign a contract with Kfoury and the work can begin. We
are currently exploring loan options with the ELCA Mission Investment
Fund and SunTrust Bank. The most likely form will be a construction
line of credit at a floating interest rate for the estimated length
of time needed to complete the construction project (approximately
12 months). Once construction is complete, we will apply to convert
the credit line to a mortgage at either a variable or fixed rate, to
be amortized over probably a 20-year period. A committee that includes
the co-chairs of the Task Force and the financial officers of Augustana
will work with Mike Olson in analyzing which financial options best
suit our needs.
Efforts to expand and increase pledges will continue. The excitement
that built up recently as we renewed pledging efforts and construction
seemed closer rather than a remote possibility has generated over $100,000
in additional pledges during the last six weeks. We hope to capitalize
on this new energy and enthusiasm to build even more pledging momentum
in the weeks and months to come. We'll keep going until the whole
project of $1.5 million is pledged!
We thank all for supporting this project. Our Task Force believes
that when completed, the renovations will open up exciting new possibilities
for mission and evangelism well beyond even our imagining. This construction
will prepare us physically -- and psychologically -- to carry
out God's work in this place in this new century. We also believe
that although $1.5 million seems like a huge financial burden, we will
easily pay for it, probably before the end of the loan term. That has
been Augustana's response when faced with significant financial
challenges in the past. Based on our pledging experience during the
last six weeks, we believe the response will be the same now.
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