Building Update

PRAYER AND FASTING WORKS !!!     I just got off the phone with bank. Their committee met informally today and basically approved our loan extension. The paperwork and signatures on Monday or Tuesday next week will just be a formality. They also made some other small changes to our loan  - all in our favor.  And now the big news ( drum roll please…… ) they have reduced our cash on hand requirement by $200,000.00!!!  Previously they said we needed to have $550,000.00 on hand at the closing, now they are requiring $350,000.00. I announced to the congregation last weekend that we had about $150,000.00 in the bank for the building. Last weekend an additional $26,000.00 came in. The shortfall we need to cover by the closing is now $174,000.00.    The closing date will be scheduled sometime next week. The bank is currently processing alot of loans so they are finding it hard to find time to schedule closings at the moment. So please keep Praying that the money will come in and that the closing date can be set as quick as possible. God continues to move mountains for us. This building project is a test of our faith, a test of our strength and a test of our commitment to do battle through prayer. One of our rewards is that we have “front row seats” in seeing the amazing power of God at work. We give Him all the glory.

More concrete was poured today! The concrete work is usually done in three stages, first the footings, then the foundation walls and then the slab (floor). We have not finished all the footings yet, but we were able to start pouring some of the foundation walls today. We expect more concrete work to be completed next week.

As for the mortgage, it has been a week of supplying additional information to the bank and now they will be ready to present our information to their committee on  next Tuesday, July 22.  I know, another delay, but on the bright side we now have more time to raise the cash needed for the closing . Please keep this in your prayers. I am confident that after Tuesday we will be able to set another closing date, hopefully between  July 28 and August 1. 

Thank-you to all who have been praying. Thank-you to all who participated in Tuesdays fast. I received a call from our bank on Tuesday afternoon. I was told that the decisions to be made on our loan will now happen on this Friday. I believe that we will get the good news on Friday afternoon and then we can set a new closing date, hopefully before the end of July. We are still in the mode of trying to build up our cash for the closing.  PLEASE KEEP PRAYING !!!

At the constrution site - the concrete work is continuing today. The steel and laminated wood have been ordered and our construction manager told me today that we are still on schedule to put the frame of the building up in August.

!!!  Please join us in a day of fasting and praying !!!  This Tuesday 7/15/08 we will be fasting and praying for the needs of our church members and also for the building project.

Last week the session signed contracts for the steel, concrete and the laminated wood. 

Our mortgage closing has been delayed, it could be rescheduled for next week or by the end of July at the latest.

The concrete workers are back on the site today but we are still waiting for some information from our architect before we can finish pouring the concrete footings. Hopefully, the concrete will start flowing again next week.

It has been reported to me today that people have already been stopping at the church to drop off money for the closing.  Thank-you to all who are sacrificing and going out of thier way to help us get through our mortgage closing.  The people of Goodwill are the best - THANK-YOU.      

Even though we have had some good news recently, this is still a huge undertaking and needs plenty of prayer. Please pray for:

1. the foundation work ( which is continuing this week )

2. the work site - safety for all workers and for good weather

3. the contractors that we are hiring - that they will perform their work with excellence, on time and under budget

4. the mortgage closing on 7/16/08 

Throughout this process God has been faithful to us and has blessed us greatly, but the battle is not over, we still need the mighty hand of God to move on our behalf, we still need more of Gods financial provision and we still need a few more miracles. PLEASE KEEP PRAYING.

As I write this, the concrete is flowing at our construction site!!!  Last week the excavation work was done for our foundation. The concrete footings are being poured today and the beginning of next week. Over the next two weeks the concrete foudation walls will be poured. We are still on track to see the building frame go up in August. 

Praise Report !!!

1.  Our “quiet title action” was successful - we now have a new deed for the church property.

2.  Now that we have the deed, our mortgage company allowed us to set a closing date for the mortgage - 7/16/08.  So please keep this in your prayers. 

3.  I received a message today from our mortgage company, based on our request, they are reducing our interest rate from 7.25% to 7.00%.  This will save us between $10,000.00 to $15,000.00 a year for many years.

Thanks to all who are praying, I believe that all of the progress of our buiding project has been accomplished only by prayer.    

This is Gary Theodore. Beginning next week, I will be posting regular updates concerning our building projects. Please check in on a regular basis.