Under the assumption that the church will build the $3 million Spring Street project, it is recommended that the church would take out a 20 yr. mortgage.

It is not believed that the church will have to borrow the full $3 million.

However, it is recommended that the trustees ask the banks for the full amount so that we can cover any unforeseen costs that might arise. The payments on $3 million will be $21,493.00 per month, assuming 6% interest.

This payment will be met by the congregation giving as it has in the past and by what has been committed for the future. Last year an average of $7,666.00 per month was given to the building fund. If the past giving continues as we expect it to, combined with the $15,114.00 per month committed, we will have $22,810.00 per month to make this payment. This is money just coming into the building fund. Historically we meet and exceed our general fund budget which will make extra funds available to go towards the building - and always remember that any money given before construction is completed will help lower the amount borrowed and in turn lower the amount of our monthly payment.