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Latest Drawings and Special Called Business Meeting Information

January 23, 2020

The past several weeks have been exciting (and busy) as we have celebrated our Church on a Hill Sunday and voted on the final construction budget for the relocation project. Below is the basic information that was shared at the Special Called Business Meeting on January 19, 2020. It includes the overview of the new construction, the estimated schedule and the draw-down and budget. All plans were approved by church vote.

The latest renderings are below.

New Construction

See Handout for Budget details
~48700 sq ft
250 Parking spaces
500 Seat Worship Center/expandable
Platform for Choir, orchestra, piano, organ
120 Seat Youth Area
Capacity for about 200 children for Lionheart Academy
Indoor glassed-in play area
Indoor Awana/half gym/ children theater
Bible study rooms for each group
Offices for current staff
Kitchen equipped for commercial application if needed

Estimated Schedule

First $8.5 million drawn from our Pioneer Bank account
Construction draws then funded by Pioneer up to $12.5 million
Pioneer Bank funded land purchase of $7.05 million
Construction budget at $13.27 million plus AVL of $520k
Construction estimated at 16 months
Permit process currently going through city
Probably break ground in March
23 Month lease back on current property started in November

Drawdown and Budget

Guaranteed max price $13.27 mil plus contingency
Land costs $7.05 mil
Net sale of current property $8.1 mil
Capital campaign commitments of $4.3 mil
Soft costs ~$1.75 mil (AVL, architects, civil engineer, attorneys)
Net final loan amount $10.3 mil
This amount is a little over a million above original estimate, but we added indoor Awana court (half gym$200k) and structured slab for entire facility($600k)

 

 

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