As you are no doubt aware, COVID decimated the supply chain in many areas, but specifically in construction. And, as we all remember from economics-when supplies become scarce-prices go up. In our case, prices have risen approximately 69%.
However, we have a solid plan to finance our new buildings.
- The building we are in and all the property-we own free and clear-no debt.
- Because of your generosity, we received (and are continuing to raise with new gifts) a record amount of money in the Forward in Faith Campaign-60% of which has already been given.
- We have money saved.
- Because of the cost and to smooth out the timing of receipts of those pledges, we have obtained a loan at VERY favorable rates.
There are some reports that the supply chains are improving and costs are beginning to come down. We want to assure you that we, along with our builder, are aggressively pursuing savings wherever we can find them.
Finally…No one likes debt- so we will have another campaign, in a few years, to retire the loan.