Westminster Presbyterian Phase 1

7/27/2019 Westminster Presbyterian Phase 1

1/24

WestminsterPresbyterian Church

COMPLETION OFPHASE 1


2/24

Why Are We Here?

Many members of the congregation have expressedeagerness to finish our accessibility project

In response, Session formed the task force to determinethe memberships will and financial readiness


3/24

Session Task Force

Created February 2013

6 members, 2 from each class: Eileen Fitzsimons, RayKennedy, Greg Moore, Carol Morgan, Bill Scott, Katie

Wilgus

Charged to obtain estimate of cost and explore financialfeasibility for completing Phase 1 with construction tobegin in 2014

The Building Improvement Committee has obtained aproject estimate and Session has hired Tom Wilson ofCampbell & Company as feasibility consultant


4/24

Westminsterat 121 years

720+ members

Growing membership: families, children, young adults,seniors

Growing stewardship giving, budget, endowments

Growing attendance and program participation

Growing mission and service


5/24

Westminster at 121 years

Our predecessors built a strong foundation that we must

not rest on but build upon


6/24

Westminsters Building History

Sanctuary wing completed 1914

Fireside room, offices completed 1929Education wing completed 1953

Parking lot completed 1967

Chapel corridor and courtyard completed 2013


7/24

The Way Our Building Serves

Worship

Education

Day Care and Preschool

Community Groups


8/24

Westminsters Building

Building has 17 entrances, 11 levels and an inaccessible andconfusing building flow

Years of deferred maintenance

Accessibility improvements and elevator have beenrepeatedly identified as top priority for over 25 years


9/24

2008-2013 CampaignAccessibility improvements originally estimated at $3.5 million

in 2007 Campaign gifts and pledges $2 million as of 2011; nearly

$500,000 was received from bequests

The decision was made to divide the project and proceed


10/24

What We Celebrate!

Chapel Corridor Preparatory elevator foundation

Waterproofing

Accessible Breezeway


11/24

What We Celebrate

Courtyard drainage and upgrades

Ramps in south lawn

Accessible playground


12/24

Remaining Accessibility NeedsNo accessible entrance on Hancock, our daily entrance

No elevator access at Hancock

Offices and Fireside Room remain inaccessible


13/24

Completion of Phase 1

Accessible Hancock entrance to education wing, FiresideRoom

Administrative offices relocated near Hancock entrance

New lift and elevator near Hancock entrance serving allthree levels of education wing

Ramp from Great Hall level to pastors offices

Handicapped accessible restrooms onfirst two levels ofeducation wing


14/24

Parking Lot

We need to replace our deteriorating parking lot

City code requires reconstruction if we move forwardwith the Building Project


15/24

Why Start in 2014?

Congregation momentum to finish the project, many

members have been waiting over 25 years

City Historical Landmarks Commission approvalexpires 6/30/14

General Assembly of Presbyterian Church USA inPortland (Convention Center) 2016


16/24

Cost Estimates

Estimated at ~$2.4 million, which includes the parking lot

Task Force chose not to include these options in baseestimate:

16th Ave trash enclosure Fireside Room window waterproofing

Some preschool area upgrades


17/24

How Would We Pay for It?

Initial work of Phase 1 is completed; construction beganfive years after fundraising started

From 1950-1967 Westminster borrowed money five times 1914Borrowed $45,000 = $1,060,000 in todays money

1952for the Parish Hall borrowed $170,000 = $1.5 m in todays money

Task Force estimates a 2013 -2014 campaign might raise$1.5-2 million in pledges to be paid over 5 years

A 2014 construction start would require borrowing


18/24

Table of Gifts Needed

5-year Commitment Yearly or Monthly

# of Gifts Size of Per Year Per Month Subtotal Cumulative

Required Gifts Over 5 Years Over 5 Years Total

1 $500,000 $100,000 $8,333 $500,000 $500,00026 1 $250,000 $50,000 $4,167 $250,000 $750,000

key gifts of 3 $100,000 $20,000 $1,667 $300,000 $1,050,000

$25,000+ 6 $50,000 $10,000 $833 $300,000 $1,350,000

15 $25,000 $5,000 $417 $375,000 $1,725,000

25 $10,000 $2,000 $167 $250,000 $1,975,000

30 $5,000 $1,000 $83 $150,000 $2,125,000

50 $2,500 $500 $42 $125,000 $2,250,000Many Up to $2,500 $50,000 $2,300,000

Funds already

Available $100,000 $100,000 $2,400,000

Total $2,400,000 $2,400,000


19/24

Lockwood Legacy SocietyTo Honor Estate Gift Donors Past and Present

Many times since our founding, thoughtful members haveincluded Westminster in their estates and/or in their trustarrangements

For the first round of fundraising for Phase 1 we receivednearly $500,000 of Estate and Trust gifts

We thank those donors posthumously for their forethought

We know several of our members who have told us of theirintention to remember Westminster in their plans

There may be others of you who also intend to make an estate giftor who would consider such a gift

Undesignated Lockwood Legacy Society gifts will provide futurerevenues to retire long-term debt associated with finishing Phase 1of our campaign


20/24

Financing Costs & Terms

The Synod would provide the loans

Construction loan (line of credit) through completion

Long term installment loan

Repaid as pledge payments, bequests, new gifts arereceived


21/24

Is it Time To Finish This?

Cost of Borrowing

Example A Example B

Pledges & Gifts Pledges, Gifts & Other Receipts

$1.6 mm $2.1 mm

$2.4 mm Cost $2.4 mm1.0 mm Interest .6 mm

$3.4 mm Total $3.0 mm

$103,792 Annual Debt Payments $ 52,740(Beginning Year 6)


22/24

Is It Time to Finish This?

Cost of Waiting

Phase 1

Work Completed $ 2.5 mmCompletion of Phase 1 2.4 mm

$ 4.9.mm

Original Estimate 3.5 mmDifference $1.4 mm


23/24

Proposed Project Timeline

Feasibility study July August 2013

Session decision regarding borrowing August - September 2013

Congregation decision to approve borrowing September 2013

Preliminary campaign work to begin October 2013

Session decision to begin permitting& bid documents October 2013

Capital campaign kickoff January 2014

Synod deadline for loan application February 2014

Early construction of restrooms March April 2014

Main project construction June 2014 March 2015


24/24

Are we ready to pledge and borrow enough to begin in 2014?

Documents

Westminster Presbyterian Phase 1