Building Rendering
REACH MORE IN 2024 STORIES
3-STORY BUILDING FAQ'S
Why are we purchasing this building?
This building is adjacent to our property to the west and will expand our ability to do ministry by adding 30,000 sq. ft. of space.
How will this building be used?
Initially this space will allow us to launch our high school and provide for 9th grade on the third floor. This building is also available for future church growth.
Why are we building a second-floor addition and now looking to purchase the three-story building?
We need the second floor to help handle the growth in our elementary school and church ministries. The three-story building will help us launch and grow our high school and be available for future church ministries.
What is the purchase price of the building?
$7,500,000.
How much will we borrow?
We have received a term sheet that reflects Parkridge paying $1,330,000 as a down payment. The total amount financed will be $6,170,000.
What are the payments, and can we afford the additional monthly mortgage?
The payment on the three-story building will be approximately $47,000 per month. The mortgage will be offset for the first two years by a lease from Atlantis Academy and from income from Parkridge Christian Academy. Atlantis will continue to use the first and second floor (and a couple of classes that are closed off on the third floor).
How much is Atlantis paying for the remaining two-year lease?
$41,000 per month. This lease allows Parkridge Christian Academy time to expand into 10th grade. By the end of the lease the ministry will be positioned to be able to afford the entire payment.
What will our total debt be?
With our current mortgage and our second story addition our total debt will be $15,000,000. Our total monthly payment will be approximately $110,000.
Are the playground and parking lot construction projects included in the debt?
The playground and parking lot have been funded from our cash on hand and are not part of the $15,000,000 debt.
When will the church vote?
Electronic voting will open on February 26th – 28th after our discussion at our Members Meeting on February 25th.
FAQ'S
1. Why are we raising money?
We are building a second story on the south side of building 3 and we are planning to buy or build even more space in the near future. (Future growth could be a building purchase or additional construction on our property.)
2. How will this space be used?
Our church student ministry will use this space on Wednesday and Sundays. Our Academy will use this space Monday through Friday. The Church and Academy ministries are growing.
3. How much will the second-story cost?
The estimated cost is $3,000,000.
4. When will this space be available to use?
The goal is to be finished by mid-July of 2024 for classes in
August.
5. Will the debt increase?
The debt load will increase depending on the amount raised in our Reach More in 2024 initiative.
6. What is the current debt?
$6,515,460.00
7. What is the goal for the Reach More in 2024 initiative?
$2,400,000 will provide the initial cash needed for the construction and growth. If the Lord provides more, then we will be able to reduce the amount we have to borrow. If the Lord provides all that is needed for current construction and future expansion, then we will not have to borrow any money.
8. Can the ministry carry the extra debt?
Yes. The Church and Academy share all the facilities costs and the
Academy has shown that they can carry the increased payment.
9. Are we considering purchasing one of the three-story buildings to the west?
The Administrative Leadership Team has authorized the beginning of a discovery phase for purchasing the building.
10. What happens if the Administrative Leadership Team finds that the building is available to purchase for the right price and terms?
The church would be given all the necessary information and then there would need to be a scheduled church vote in order to proceed.
11. Why are we building a second floor and considering purchasing the three-story building to our west?
We need the second floor to help handle the growth in our school and church ministries immediately and we will need even more space for continuing growth over the next 2-3 years.
12. Is the playground a part of the fund-raising efforts?
No. This expense will be paid from our cash reserves.
13. What is the cost for the playground?
It is estimated that the playground will cost $500,000.00.
14. Is the new parking lot a part of the fund-raising efforts?
No. This expense will be paid from our cash reserves.
15. What is the cost of the parking lot?
It is estimated that the parking lot will cost $425,000.00.
Please email any additional questions here:
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