RESOLUTION

The Elder Board of New Life Community Church on April 28, 2021, passed a resolution to develop a debt reduction plan to retire the current church construction project loans by 2028. The plan is to accomplish this goal in two phases. The first phase commenced in September 2021 and was completed. The second phase commences January 2022.

WHAT WERE THE LOANS FOR?

In 2016, the leadership at that time, unanimously agreed to update and expand our church campus in three areas. We desperately needed areas for people to gather before, during and after service. There was none. We solved this problem by modernizing and enclosing our Welcome Center, Connection Hub, and the expansion of the Worship Center including raising the ceiling, new floors, ceiling, and worship center chairs. The project was designed by an Architect and the construction was bid out competitively. It was started and completed in the same year. Leadership at that time voted to secure a $750,000 loan to fund the project. Current principal balance is approximately $630,000.

In 2018, the same leadership unanimously agreed to construct community space which includes 6000 SF of enclosed patio, pergolas, firepits, BBQ facility, play areas, and seating. The project was designed and constructed by a commercial landscape company. Leadership voted to secure additional funding of $250,000 to complete the project. Current principal balance is approximately $200,000. (This loan was retired in December 2021.)

The original goal of the leadership in 2018 was to commence with a (5) year Capital Campaign in 2020 to pay off the debt with the goal of having both loans retired by the year 2025.  This plan was delayed due to a Lead Pastor change in 2019 and the pandemic of 2020.

PREPARE & ENGAGE GOALS AND PLANS:

PHASE ONE GOAL: 

The objective for this campaign is to, by December 31, 2021, pay off a remaining balance of $200,000 on the smaller of the two loans that New Life Community Church currently has for completed construction projects. 

PHASE ONE PLAN: (COMPLETED DECEMBER 2021)

               Prayerfully ask the current congregation’s generous and faithful contributors to the ministries of New Life Community Church to participate in the pay down of this loan by giving over and above their tithes and offerings to the efforts of retiring this loan by the end of 2021.

               Church Leadership is asking our church community to pray and ask God what their family could contribute and commit to making four monthly sacrificial contributions commencing in September 2021 through to December 2021 to accomplish our goal.

PHASE TWO GOAL & PLAN: (COMMENCING JANUARY 2022)

               Upon the payoff of the balance on the $250K loan at the end of 2021, the annually budgeted principal and interest payments for this loan, including extra monthly principal payments of $3,033, totaling $4,425 per month, will be reallocated in each subsequent budget year as additional monthly principal payments against the balance of the $750K loan. The current monthly loan payments on this loan and the new additional principal payments, provide for the payoff of this loan by the end of 2028.