As Father Deacon Alex announced after Typica this morning, the Parish Meeting April 29 is cancelled.
A thorough analysis of our finances is complete. Bids are in on the building. We know what it would cost to build now, and we are about $118,000 short of having the funds to build.
- We have $290,000 in the Building Fund.
- We have $50,000 in unfulfilled pledges to the Building Fund.
- We anticipate netting $100,000 from the current building (down from the $120,000 we had assumed, but the lower figure is based on a professional competitive market analysis). We can borrow against that until it sells.
- Banks would lend us $310,000 of permanent mortgage based on our history of giving, an assumption of a slight increase, and (perhaps to an extent) the value of the current plan if built.
- The design would cost $820,000 to $870,000 to build (and we budget $870,000 hoping for few contingencies against the $50,000 contingency allowance).
Work to close that gap is continuing – mostly trying to raise the extra funds rather than to cut “muscle” from the design. But no vote in favor would allow us to break ground in May, so a meeting April 29 is pointless.