IMPACT: Pledge Announcement
April 2nd, 2008
Archive for the ‘Building’ Category
Churchwide Vote: Frequently Asked Questions
January 23rd, 2008
Building Committee Report
January 14th, 2008
Champion Forest Attendance and Growth
Strategic Planning Committee Recommendations
Champion Forest Baptist Church needs to address parking, education space, and ministry support & administration space. We can do that by equalizing capacity to meet our current worship capacity of 7,480 people. (4,400 seats x 2 services x 85% capacity).
The Strategic Planning Team recommends the Building Team explore options to meet those needs and report back to the church with schedule, cost and recommendation
Cost Estimate
| Upgrade Existing Buildings | $3,970,000 |
| Youth Building | $10,579,000 |
| Children’s Building | $16,294,000 |
| Adult Education Building | $5,167,000 |
| Central Plant | $2,660,000 |
| Future Parking Expansion Allowance | $1,330,000 |
| TOTAL | $40,000,000 |
The Building Committee recommends that Champion Forest Baptist Church approve the construction of these new facilities at an approximate cost of $40 million, allowing us to continue God’s work in ministry and mission to Northwest Houston and beyond.
How Will We Pay for It?
- Current surplus cash reserve of approximately $9 million
- P&I reserve in annual budget of roughly $6 million (realized over 3 year construction phase)
- 2008 Capital Campaign Pledges
- Commercial Loan
A Conservative Approach
- Maintain $1 million contingency cash reserve
- Limit debt to a maximum 10 year pay-off
| Capital Campaign Pledges | $10m | $15m | $20 |
| Interest Expense | $6m | $3 | $2 |
| Year to Pay-Off | 9.7 | 6.7 | 4.0 |
| Max Debt | $22m | $19m | $17m |
| Term Loan | $14m | $9m | $3m |
Key Assumptions
- Capital Campaign pledges are over and above normal annual operating budget giving
- 100% of campaign pledges are received over pledged period
- Excess monthly cash applied towards prepayment of debt
In Closing…
- Lender commitment letters in hand
- Points of reference – Worship Center (2000)
Campaign – $11m
Peak Debt – $22m
Pay-off – ~7.5yrs
