Dear parishioners and friends of St. Nicholas, Immaculate Conception, & Most Holy Trinity,
First, thank you so very much for your ongoing support; because of your efforts and sacrifice the debt is down to $867,193. We have an additional $155,000 on reserve for future payments.
It is with enthusiasm that we, the LNMV CEC board, kick off what we are hoping will be our FINAL capital campaign to pay off the debt owed on our Catholic Education Center. True to this enthusiasm, we have decided to start our fundraising efforts with a steak fry dinner. Please join us in celebration of how far we’ve come, as we prayerfully look to the goals that remain, on Saturday, May 7. We’ll begin at 6 pm with a social hour and dinner will be served at 7. We hope to burn the mortgage, not the steaks.
Join us for entertainment, drinks, fellowship, and to hear our plans to pay off our mortgage.
A generous donor has paid for the event expenses. All proceeds from the event will go directly to the principle of our loan. We are going to run this campaign without hiring a consultant which allows all donations to be applied to the mortgage.
Advance ticket prices are $10 per person and $25 at the door. This covers the steak dinner, 2 drinks and entertainment (Music donated by The Charlie Sticha Band).
In order to properly plan for this meal we would appreciate RSVP responses sent in by April 20. *As it is after the 20th, if interested please call Paul Simon- 612-221-1408.
Guests will be given the opportunity to make their pledges at this, the first opportunity of our campaign, or to prayerfully consider it over the coming weeks. Those who offer pledges on May 7th will not be contacted personally again in this campaign.
Come and join the party, for food, fellowship, entertainment, and help us with our plan to burn the mortgage.
Yours in Christ,
LNMV CEC Board
- Q. What was the initial cost of the building?
- A. The initial cost of the building and was $7.5 million.
- Q. How many capital campaigns have been run and what years?
- A. Our first campaign was launched in 2004 we have had a new one every three years since, this next one will be our fifth.
- Q. What is the balance left on the mortgage?
- A. $867,193, (155,000 in checkbook and escrowed)
- Q. Why pay it off? We all have mortgages on our homes; why not continue to make monthly payments?
- A. We pay $40,000 annually in interest. This financial responsibility limits our parishes’ abilities to support other parish needs
- Q. What is the interest rate we are paying, why not refinance?
- A. We refinanced in 2013 and lowered our interest rate from 6.25% to our current rate of 4.55% which is a very low rate for a commercial loan.
- Q. Are there any plans in play to add on to our building?
- A. No plans. The goal is just to pay off the debt.
- Q. What other sources of income make our mortgage payments?
- A. None. The only source of income funding our mortgage payments are these capital campaign drives.
- Q. Who is ultimately responsible for this debt?
- A. The 3 parishes, St. Nicholas, Immaculate Conception, & Holy Trinity.
- Q. What if we raise more than enough money to pay off our mortgage?
- A. Praise the Lord! The additional money will go to a dedicated maintenance fund for the CEC.