In 2004 we built our current facility at a cost of $5.3 million, including a $3.5 million mortgage with Thrivent Financial. Over the last 14 years, we’ve never missed a mortgage payment and have been able to pay down our principal balance to $2,137,569.24 as of January 31, 2018. It would be a wonderful blessing if we could expand our facility and pay off our mortgage all at the same time. Realistically, however, it looks like we will continue having a mortgage.
Our Finance Committee has been looking into options about what would happen with our current mortgage, and has been in contact with several banks about what our future mortgage could be. While no decisions have been made at this point, it seems likely that we would roll our current mortgage into a new mortgage and that lenders would be willing to give us a loan in the ballpark of the $3.5 million mortgage we have currently been maintaining. Our goal is to balance expanding our ministry with avoiding an excessive burden. If you have ideas, would like more information, or have a special interest in seeing us pay down our mortgage, talk to one of the members of our Finance Committee: Jim Buelow, Scott Filter, Dan Schmidt, or Mike Shiels.