Initial estimated costs for the entire completed project are $5.0 - $6.0 million.  St. Luke's has the ability and the resources to enter into a project of this size and scope.  The first capital campaign will determine if members have the will to do it.  The financial plan to accomplish the vision of St. Luke's Facilities Master Plan is as follows:

Growing in Faith - First Capital Campaign (2008-2011)

The first three-year capital campaign will have a goal of raising at least $1.75 -$2.0 million.  During this period, further design development and construction bids will help to refine estimated total costs.  What the congregation pledges during the first campaign will determine what lenders will be willing to loan the congregation for the full project.  A highly successful first campaign could give the congregation the confidence to proceed with the project and with construction during this first three-year period. 

Second Capital Campaign (2011-2014)

The second three-year capital campaign will have a goal of raising at least $2.25 million.  By the end of this period, which coincides with St. Luke's one hundredth anniversary, at least $4.0 million will have been received and the project could be completed.  At the completion of this period, the loan would be replaced by a mortgage with a manageable monthly payment.

Mortgage Repayment (2014-2031)

The remaining costs of the project would be paid as part of St. Luke's operating funds over the course of the period of the loan.  A twenty-year mortgage secured in 2011 would be fully paid off in 2031. 

St. Luke's secured a loan to pay for the 1971 addition and this loan was paid off in just eight years.  Also gifts from estates and other designated gifts can be used to reduce the debt faster than the payment schedule would anticipate.

The interest rate, period of the loan, and amount borrowed will determine the amount of the scheduled mortgage payment.  All of these items would be negotiated at the time that the loan is secured and would be approved by the congregation.