FINANCE: The Staff, Church Finance Committee and Building Coordinating Committee have selected Extraco Bank from six bank proposals to provide the construction and permanent loan for the new Children’s Building. The rate will be 2.25% and any existing loan balance will be incorporated at this rate and reduced from the current 3.875% in 2017 when the new building is completed. This recommendation will soon be presented to the Deacons and Church. The recommendation will allow our church to move forward with no increase to our present annual debt payment from budget. The goal and trust in God based on what He has done in our two previous building projects will be to retire all building debt in the next seven to ten years. The debt to annual budget is far less than our relocation project was in 2002. 

CONSTRUCTION: The Construction Oversight Committee and Building Coordination Committee have made the decision to complete the construction documents and change from a Design/Build process to a Competitive Bid Process to reduce the construction costs and provide solid numbers. Selection of the General Contractor will be made from this process with a maximum expenditure to be lower or not to exceed the current $13 M number from Design/Build.

SCHEDULE: With the change in process, we do not anticipate any major delays as our needs become more critical almost each Sunday. We hope that this change will result in a lower overall cost. Construction will probably not start until mid to late Spring of 2016 with a 14 month construction time. This means occupancy in late Summer of 2017. The patience of families with preschool and children will be needed as we move forward to reach more families and children for Christ.