As we come to the close of a very excited and active ministry year it's time for an update on our Be Strong campaign. If you have picked up a Be Strong and Courageous brochure in the past, the following is an update to replace the "Next Steps" section of the brochure:
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As of late 2009, we have successfully completed our due diligence process and now find ourselves a few months away from closing on the property as we await the Town of Oakville’s approval of the Plan of Subdivision process that the Developer is working through. We have seen God’s hand so clearly leading us through to this point. With increasing restrictions on the ability to use land in the Region of Halton for church use, God has been faithfully navigating us through. We are journaling these miraculous events and plan to communicate that with you soon.
By God’s grace, in late 2009 we have paid off the remaining mortgage on our existing property and through the generosity of God’s people at Harvest, we are in a financial position to close on the new property as soon as the Town of Oakville finalizes their process. We have seen the Lord’s provision for us in 2009 as we sought out short term financing to purchase the land. In challenging economic times where several financial institutions were revising their internal policies to reduce risk and not take on new business, we had two financial institutions aggressively competing for our business. This has resulted in very favourable terms and rates for us upon closing.
As we review the overall financial need and look ahead to the financial needs to come, the breakdown is roughly as follows:
$8,500,000 which includes:
• Cost of 16acres
• 5% GST (50% of which we receive back in the following year)
• Land Transfer Tax
• Due Diligence
• Misc/Contingency
• Fee’s – Legal/Banking/Appraisals/etc
• Remaining Mortgage on the existing property
What has already been paid?
$1,300,000 which includes:
• Down payment
• Due Diligence
• Fee’s – Legal/Banking/Appraisals/etc
• Remaining amount of mortgage on the existing property
Costs still to be paid by closing: $7,200,000
Funds received as of December 2009 : $2,000,000 (approx.)
Estimated total funds available for closing: $2,200,000
Estimated amount to be bank financed: $5,000,000
So now we eagerly watch as God continues to stir up the hearts of His people as He did in Exodus 35 and 36, and again in 1 Chronicles 29, to give generously so that we can complete the outright purchase of this land. The earliest we can likely start construction is May 2011, but it may be a few years later. We do not intend to start construction of Phase One of the new facility until we are debt free on the new property and until our akeshore Road property is sold. The sale of our Lakeshore Road property will include a provision allowing us to stay in our current facility until our new one is ready for us to occupy. The proceeds from the sale of our Lakeshore property are expected to pay for a significant portion of the cost to construct Phase One of our new facility, and the balance of that cost will likely be covered by long-term mortgage financing.
Now, with closing on the property in sight we have begun the conceptual design work for the new facility. Our early estimates suggest that Phase One will be about 70,000 square feet in size when completed with a projected cost of about $15,000,000. The second phase will be finished when needed and as the funds become available and will also be approximately 70,000 square feet as well. The new Great Lakes site of 16 acres is large enough to handle what we think may someday will become a facility of 140,000 square feet in total, as well as parking for about 1000 cars, plus several acres of green space. By way of comparison, our Lakeshore Road facility is about 32,300 square feet with about 250 parking spaces on 6.6 acres. Our congregation is growing on average by about 220 new people per year. If that rate of growth continues, we will reach our projected peak size of 5,000 in multiple worship services within 15 years.
Currently, it is anticipated that when it is fully complete, the new facility would have a fan shaped worship auditorium seating about 1,600, a large atrium foyer, a welcome centre, bookstore, library, kitchen and café area, a compassion and community outreach centre, chapel/teaching hall, youth room, meeting/prayer rooms, a biblical counseling centre, office space, double gym, a ministry training centre, worship backstage rooms, tech support section, lounge and conversation areas, and a secure children’s Higher Ground wing that might also be used as a Harvest Christian elementary school during the week. As much as possible, we plan to make all the space multi-functional to maximize the use of the facility as a ministry tool. The current property zoning allows for a wide range of uses and we are excited about what God may have us do with this property to help us fulfill the Great Commission – to see people won for Christ and discipled for Him to the glory of God. After all, that’s what this is really all about.
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So stay tuned for more regular updates in the new year as the pace of our new property and facilty plans will ramp up significantly. Please continue to pray that the Lord would be glorified in every step of this and that as a leadership we would be desperate for His leading.
Happy New Year!