How do we end up with a $3-3.5 million mortgage after construction?

Here’s a summary of what was presented at the voters’ meeting on July 22nd. These numbers are rounded to the nearest million for the sake of simplicity:

                  $2 million is our current mortgage

     plus      $5 million for the projected cost of our new sanctuary

equals      $7 million is the amount we need

  minus      $4 million expected in commitments made by our members

    total      $3 million is the approximate goal for our new mortgage after construction

On July 22nd our voters’ approved a final mortgage of up to $3.5 million. That extra $0.5 million recognizes that we will need to keep servicing our mortgage during construction and that we will likely need to set aside contingency funds to react to unforeseen issues that arise. In the best case scenario, our final mortgage will be closer to $3 million, but we need to allow for other possible scenarios as well.