Making Good on/Paying Off Your Building Fund Pledge

Making Good on/Paying Off Your Building Fund Pledge

Our Capital Campaign was undertaken in good faith, for the purpose of rebuilding the Cathedral. At the time, the Cathedral, together with its underground parking component, was estimated to cost a total $14 million, about $10.9 for the exterior and about $3.1 for the interior. And, we approached our parishioners and friends, and you responded generously. Some of you made a one-time payment; others made a 5-year pledge. Most of those who made a 5-year pledge have made good on your pledge and we thank you. This has enabled us to break ground and get to the point where we are now. Yes, there have been a few glitches along the way, like when lead was found in the soil, like when it was discovered the neighboring property slightly encroached on ours. But, we overcame these delays. And then there were cost overruns. And the monthly interest from the Bank, to the tune of $22,000. And the annual balloon payment, to the tune of $400,000. (We barely made it this year, but we were able to pay it.) Now, our Capital Campaign fund is down to its last $100,000 and here we have a total of about $600,000 outstanding on Capital Campaign pledges. It’s really a no-brainer. Out Parish Council has been charged with the responsibility of reaching out to those with outstanding balances, asking them to consider accelerating their payments, if possible, or, in the case of those whose payments have fallen behind, to make good on their pledges. This will enable us to go on in earnest to complete the outside of the building, so that we can utilize the courtyard, and also begin using the parking component. By now, those with outstanding pledges have been contacted by a member of the Parish. We thank you for the courtesy you afforded them and also for making arrangements to complete your gift.

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Dear friends, let us continue to love one another, for love comes from God.

John 4:7