The Finance Committee has asked me to update you on the current status of our downtown property. Before I give any more details, may I ask you to pray? Please pray daily for God’s will on our path forward with the downtown property and for His provision.
Thanks to strong year-end giving in 2018, we were able to pay down an additional $115,000 toward principle on the property loan. As of today, the remaining balance on the property loan is approximately $183,000. Praise God!
A generous donor gifted some property in 2018, the proceeds of which will go toward the property loan. Please pray for this donated piece of property to sell!
Even with the sale of this property, there remains a significant amount left on the loan. In effort to pay down the loan, we plan to pay an additional $8,000/month in principle toward the loan. By doing so, the loan is not only being reduced, but practically speaking, we will be able to better determine if the church budget can support the approximately $15,000/month in facility costs. This $15,000 a month cost is based on our current rent and the $8,000 loan payment.
Again, strong giving is needed to reach this monthly goal. In an effort to accomplish this goal, would you prayerfully consider increasing your giving each month? $25, $50, $100 or more a month would go a long way to helping us pay down the debt. Would you pray about helping in this way?
It is still the intent of your church leadership, that when the loan is paid off, we will move into the planning and design phase on the property.
To guide your prayers for Cornerstone, consider this prayer of David after the dedication of resources for the building of the temple:
“Blessed are you, O Lord, the God of Israel our father, forever and ever. Yours, O Lord, is the greatness and the power and the glory and the victory and the majesty, for all that is in the heavens and in the earth is yours. Yours is the kingdom, O Lord, and you are exalted as head above all. Both riches and honor come from you, and you rule over all. In your hand are power and might, and in your hand it is to make great and to give strength to all. And now we thank you, our God, and praise your glorious name. (1 Chronicles 29:10–13 ESV)
See you Sunday!
by His Grace and to His Praise,