November 2022 Building Project Update

Building Expansion News. We have signed the construction contract with Keller Construction totaling $2,965,186. To save winter construction costs, construction may be delayed to late winter, also allowing Keller to get materials ordered and delivered. Payments of $13,169 have been made for initial work. A payment of $100,000 to finalize plans for construction and state approval will be paid from early gifts to the Capital Campaign.

Capital Campaign News. The application for long-term financing with Community First Credit Union was approved with interest at 5.25%.We will pay interest only on borrowings during construction and the 3 year pledge fulfillment. Principal and Interest payments will begin in 2025 with the debt amortized over 25 years. Every contribution now will reduce borrowing and save huge amounts later. A gift of stock was recently received into our brokerage account. Thank you!! We have $146,000 in the Capital Fund to pay the first big invoice—see above.