Open Forum Date: April 5th, 2009
(Answers Provided by: Andy Limes and Keith Carson)
Q. What is the loan term?
A. First bank, Up to $13.5mil for a two year construction period followed by a 5 year loan with a 25 year amortization
Q. What are the bond amounts?
A. Any increment of $1,000
Q. Where do we stand with the Aspen Academy repayment?
A. On track. The loan is current and Aspen’s financial position has improved from 6/30/08
Q. Is our rent fixed with Aspen Academy?
A. Fixed at $30,000 per month for 12 month periods
Q. How is the construction loan different from the long term loan?
A. Its maximum duration is 2 years. We pay interest only during that time.
Then it converts to a 5 year note amortized over a 25 year period
Q. If we have savings through the bid process, what will we do with these savings?
A. Save them, build more into the space architecturally or enhance the quality of the furnishings most notably the sound and lighting , add more parking
Q. How are we going to handle the increased debt service in the general budget?
A. The net increase over our current budget with rent for both the church and the office will be less than $50,000 per month and therefore less than 25% of our budget. We continue to rely on God’s faithfulness and the churches generosity plus growth to offset any increase in expense
Q. Have we sold the lot across the street?
A. No, we still own the “Grange” property. Its value is $120,000 and it is for sale.
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