This blog has been somewhat quiet as to posts recently, and that is because most of the work has been done in small detailed kinds of ways. The architects and engineers have been working on options for bringing the cost of the building within our budget, and the various subcommittees of the building committee have been doing the same. That work, while very important, is hard to describe in a blog!
But, we did want to report that last week the building committee came to some decisions about the building that bring us closer to our overall budget. Those decisions will have an impact on how the building looks (updated images coming soon), and in a couple of cases will have an impact on the site layout.
With all of our work last week (and the considerable work by our architects, engineers, and contractor leading up to that meeting), we are still over our budget target by about 5%. However, three items that we did not count on are making up most of that difference. The Town of Chapel Hill requires a fire lane access to the back of the current and new buildings, and a re-engineering of our stormwater pond; OWASA’s fee associated with a larger-than-anticipated water meter is higher than we had planned on. All together these three items will cost nearly $200,000, or 2/3 of our amount over budget.
There are two pieces of good news, however, that we want to report. First, the overall building cost (not including the three items mentioned above) is within 1.8% of our original budget. That is pretty good especially considering that costs for construction and materials have been going up since we started our work.
We have been told that there is another piece of good – in fact, excellent – news: our building fund has passed the $1,000,000 mark just last week! This is very exciting and encouraging!
As some of you may recall, our overall budget for this project is $6,300,000. We established a goal for fundraising of $2.4 million to be received before April 1, 2018 (based on the congregations’ intentions). We are well on the way to that goal! We would love to front load the giving as much as possible, of course, and meet (or exceed) the goal before that date. This will help us lower the cost of interest on our construction loan (projected initially at $4,000,000), and ultimately help us reduce the cost of the ensuing mortgage after the project is done.
If you would like more information about the funding aspect of this project, please feel free to contact the church. Emily Williams, Church Administrator is a good place to start; she can answer questions or direct you to the right person to supply the information you need. (See our website for contact information.)