We, the Building Committee, feel an update on our progress and some cost information would be good to distribute ahead of the upcoming Congregational Meeting.

First, we want you to know we have been meeting often, interviewing contractors, selecting contractors, working on cost estimates, and meeting with finance sources.

Hard cost to construct the new church we voted on is estimated at $500,000. These are actual construction costs only. Soft cost such as Pew Chairs, Tables and Chairs for the Fellowship Hall, Table Alter, Pulpit, Font, Hymn Board, and Lecture could add another $35,000 to $40,000?

As of today there is $230,000 in the building account. Current Interest Rates for a 25 to 30 year loan are around 6.5%. A $250,000 loan for 30 years at 6.5% would have a monthly payment of $1,600. A $270,000 loan with the same terms would cost $1,707 per month. Closing costs are not calculated into the monthly payment amounts. The average monthly giving for the building fund the past 7 months is $1,434. This amount does not include any large cash donations made.

The dollar amounts we are presenting represent a turn key building or in other words, the building would be 100% complete using hired contractors.

As you can see, to continue working towards a turn key building would require an increase in the monthly giving to the building fund.

We are still meeting and working with contractors to reduce these costs without reducing the size or integrity of the building.

There are ways to reduce cost. One such option is the donation of time and/or material by members. We have received donations for the demo of the old and excavation for the new building. Another option is to not complete the entire building until funds become available.

Details of what, where, or when we could self perform some work would need to be worked out with the contractors.

If you are unable to attend the meeting, however have thoughts or concerns you would like expressed, please e-mail a letter to dbkorte@bigfork.net and the committee will read your letter to the congregation in attendance.

On April 11, we will have open discussion about the new church, present our findings in more detail, answer questions or concerns, and vote on the next step.

Thank you for all your support.