During the capital campaign, our goal for the Life Center North relocation project was $4.7 million for the land and building. We hoped to raise $2 million ($1 million in one time donations and $1 million in two year pledges). That would allow us to purchase the Division Street property and remodel the existing building as envisioned and presented to the church during the campaign. The offering at the end of March resulted in $1.4 million in one time gifts and two year pledges. The amount received fell short of our $2 million goal but we went back to the drawing board and revised the building plans in keeping with our promise to proceed as God provides. The new design will provide a building sufficient for our current needs and allow for future changes according to the original plan.
Chart Numbers Breakdown:
Over the past few years our church council has been proactive in putting money into savings each year, we currently have $300,000 in savings. Since we are being evicted early the owner of our current building is contractually obligated to reimburse LIfe Center North for $400,000 (lease recapture) for the improvements we've made to the facility. During the course of this campaign, we asked everyone who believes in the vision of Life Center North and calls LCN their home church to seek the Holy Spirit about making a one-time sacrificial offering (received on March 26/27) as well as a two year faith pledge. Both are above your normal tithe. Out of those two pieces God raised $1.4 million dollars. Finally, we will be taking out a $1.9 million dollar loan to make this relocation project a reality.
Below you find another set of charts. These charts will further explain the current (2010-2011) budget breakdown for Life Center North (see 2010-2011 Annual Expesnes), as well as the currently monthly building expenses versus the anticiapted future monthly building expenses. What you will notice is that we are anticipating a very small financial increase (if at all) to the LCN budget in regards to building expenses as we move into a new location.
If you have further question regarding any of the information on this page please check out the FAQ page as we have further outlined and answered many questions about the Faith Vision Sacrifice campaign. After reading the FAQs if you still have question pleaes fill out the ‘Ask a Q’ form (on the FAQ page) and we will be in contact with you very soon.
