Scaffolding, jack-hammering, tunneling… the comprehensive work of the Revive campaign continues to transform St. Paul’s Sanctuary Building. As we approach the mid-way point of the active renovation phase, we want to provide you an overview on the financial aspects of the project.
Pledges to the Campaign
To date, 350 St. Paul’s households have pledged to the campaign, totaling nearly $8.5 million. You have already given more than $5 million, fulfilling 60% of the pledged total. Thank you! It’s your steadfast participation that makes this ambitious and vital renovation project possible.
Our original goal for the Revive campaign was to raise $10 million, so we are about $1.5 million shy of that goal. We need to stretch our generosity further, so we encourage everyone to prayerfully consider giving to the Revive campaign. If you haven’t yet made a pledge, please make a pledge online or fill out a Revive pledge card in worship.
Expanded Scope of the Project
In consideration of long-range stewardship priorities, the Building Committee has authorized some changes to the scope of the project. The cost of moving and constructing the exterior scaffolding and the opportunity to qualify historic tax credits are driving some of these changes. For instance, in the original $10 million plan, we would only refurbish the steel casement windows in the worst condition. However, with the exterior scaffolding already in place, the Building Committee decided to refurbish all of the building’s approximately 300 casement windows. Although this is more expensive in the short term, St. Paul’s is further incentivized to do this work now because it qualifies for $2.5 million in historic tax credits.
The Building Committee also decided to replace the discolored panels protecting the Sanctuary’s stained-glass windows now rather to delay this necessary work.
These recently authorized changes will increase the total cost of the Revive project to approximately $12.8 million before tax credit reimbursement. After the tax credits are applied, the net cost should be $10.3 million, or $348,408 more than the original figure.
Costs and Financing
As of June 15, 2019, St. Paul’s has paid $4,105,837 to project vendors, including Bellows Construction and Merriman, Holt, and Powell Architects. We plan to stay on our 2019 project timeline by securing financing through the Texas Methodist Foundation (TMF). We will take an initial draw of $2 million for project-related costs. This will enable the church to cover immediate costs while waiting for all the pledged dollars to come in over the next couple of years.
St. Paul’s will begin making a monthly loan payment to TMF starting in July. If you have the flexibility and capacity to complete your pledge sooner rather than later, we encourage you to make those arrangements with St. Paul’s business office. Your early gifts will help us pay down the principal more quickly and avoid accruing unnecessary interest on the loan.
For more information, please contact Business Manager Veronica Pearce via (713) 528-0527 or firstname.lastname@example.org.