westminster presbyterian phase 1
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WestminsterPresbyterian Church
COMPLETION OFPHASE 1
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Why Are We Here?
Many members of the congregation have expressedeagerness to finish our accessibility project
In response, Session formed the task force to determinethe memberships will and financial readiness
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Session Task Force
Created February 2013
6 members, 2 from each class: Eileen Fitzsimons, RayKennedy, Greg Moore, Carol Morgan, Bill Scott, Katie
Wilgus
Charged to obtain estimate of cost and explore financialfeasibility for completing Phase 1 with construction tobegin in 2014
The Building Improvement Committee has obtained aproject estimate and Session has hired Tom Wilson ofCampbell & Company as feasibility consultant
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Westminsterat 121 years
720+ members
Growing membership: families, children, young adults,seniors
Growing stewardship giving, budget, endowments
Growing attendance and program participation
Growing mission and service
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Westminster at 121 years
Our predecessors built a strong foundation that we must
not rest on but build upon
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Westminsters Building History
Sanctuary wing completed 1914
Fireside room, offices completed 1929Education wing completed 1953
Parking lot completed 1967
Chapel corridor and courtyard completed 2013
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The Way Our Building Serves
Worship
Education
Day Care and Preschool
Community Groups
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Westminsters Building
Building has 17 entrances, 11 levels and an inaccessible andconfusing building flow
Years of deferred maintenance
Accessibility improvements and elevator have beenrepeatedly identified as top priority for over 25 years
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2008-2013 CampaignAccessibility improvements originally estimated at $3.5 million
in 2007 Campaign gifts and pledges $2 million as of 2011; nearly
$500,000 was received from bequests
The decision was made to divide the project and proceed
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What We Celebrate!
Chapel Corridor Preparatory elevator foundation
Waterproofing
Accessible Breezeway
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What We Celebrate
Courtyard drainage and upgrades
Ramps in south lawn
Accessible playground
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Remaining Accessibility NeedsNo accessible entrance on Hancock, our daily entrance
No elevator access at Hancock
Offices and Fireside Room remain inaccessible
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Completion of Phase 1
Accessible Hancock entrance to education wing, FiresideRoom
Administrative offices relocated near Hancock entrance
New lift and elevator near Hancock entrance serving allthree levels of education wing
Ramp from Great Hall level to pastors offices
Handicapped accessible restrooms onfirst two levels ofeducation wing
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Parking Lot
We need to replace our deteriorating parking lot
City code requires reconstruction if we move forwardwith the Building Project
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Why Start in 2014?
Congregation momentum to finish the project, many
members have been waiting over 25 years
City Historical Landmarks Commission approvalexpires 6/30/14
General Assembly of Presbyterian Church USA inPortland (Convention Center) 2016
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Cost Estimates
Estimated at ~$2.4 million, which includes the parking lot
Task Force chose not to include these options in baseestimate:
16th Ave trash enclosure Fireside Room window waterproofing
Some preschool area upgrades
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How Would We Pay for It?
Initial work of Phase 1 is completed; construction beganfive years after fundraising started
From 1950-1967 Westminster borrowed money five times 1914Borrowed $45,000 = $1,060,000 in todays money
1952for the Parish Hall borrowed $170,000 = $1.5 m in todays money
Task Force estimates a 2013 -2014 campaign might raise$1.5-2 million in pledges to be paid over 5 years
A 2014 construction start would require borrowing
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Table of Gifts Needed
5-year Commitment Yearly or Monthly
# of Gifts Size of Per Year Per Month Subtotal Cumulative
Required Gifts Over 5 Years Over 5 Years Total
1 $500,000 $100,000 $8,333 $500,000 $500,00026 1 $250,000 $50,000 $4,167 $250,000 $750,000
key gifts of 3 $100,000 $20,000 $1,667 $300,000 $1,050,000
$25,000+ 6 $50,000 $10,000 $833 $300,000 $1,350,000
15 $25,000 $5,000 $417 $375,000 $1,725,000
25 $10,000 $2,000 $167 $250,000 $1,975,000
30 $5,000 $1,000 $83 $150,000 $2,125,000
50 $2,500 $500 $42 $125,000 $2,250,000Many Up to $2,500 $50,000 $2,300,000
Funds already
Available $100,000 $100,000 $2,400,000
Total $2,400,000 $2,400,000
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Lockwood Legacy SocietyTo Honor Estate Gift Donors Past and Present
Many times since our founding, thoughtful members haveincluded Westminster in their estates and/or in their trustarrangements
For the first round of fundraising for Phase 1 we receivednearly $500,000 of Estate and Trust gifts
We thank those donors posthumously for their forethought
We know several of our members who have told us of theirintention to remember Westminster in their plans
There may be others of you who also intend to make an estate giftor who would consider such a gift
Undesignated Lockwood Legacy Society gifts will provide futurerevenues to retire long-term debt associated with finishing Phase 1of our campaign
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Financing Costs & Terms
The Synod would provide the loans
Construction loan (line of credit) through completion
Long term installment loan
Repaid as pledge payments, bequests, new gifts arereceived
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Is it Time To Finish This?
Cost of Borrowing
Example A Example B
Pledges & Gifts Pledges, Gifts & Other Receipts
$1.6 mm $2.1 mm
$2.4 mm Cost $2.4 mm1.0 mm Interest .6 mm
$3.4 mm Total $3.0 mm
$103,792 Annual Debt Payments $ 52,740(Beginning Year 6)
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Is It Time to Finish This?
Cost of Waiting
Phase 1
Work Completed $ 2.5 mmCompletion of Phase 1 2.4 mm
$ 4.9.mm
Original Estimate 3.5 mmDifference $1.4 mm
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Proposed Project Timeline
Feasibility study July August 2013
Session decision regarding borrowing August - September 2013
Congregation decision to approve borrowing September 2013
Preliminary campaign work to begin October 2013
Session decision to begin permitting& bid documents October 2013
Capital campaign kickoff January 2014
Synod deadline for loan application February 2014
Early construction of restrooms March April 2014
Main project construction June 2014 March 2015
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Are we ready to pledge and borrow enough to begin in 2014?