SPECIAL CONGREGATIONAL MEETING

MAY 16TH @ 12PM VIA ZOOM

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Throughout the last nine years, God has faithfully guided a process of discerning the best uses and needed upgrades in our church building. The resulting plan including improvements to our sanctuary and a new gathering space in our existing courtyard can be viewed here:

Your generous gifts and pledges have provided the financial foundation to proceed with construction. Thank you! Now, you have the opportunity to give final approval to proceed.

 

In preparation for the special congregation meeting on May 16, you are asked to consider the following:

  1. Pray for God’s wisdom and blessing as we come to an important decision point in the history of our church.

  2. Consider how you can participate more in sharing needed financial resources.

  3. E-mail any questions you have about the project to either Co-Pastors Jonathan Mikesell (jonathan.mikesell@paolipres.org) and Becca Bruner (becca.bruner@paolipres.org) or Building Committee chair Bill Norcini (williamnorcini@gmail.com).

  4. Participate in the special congregation meeting on Zoom at noon on Sunday, May 16. The meeting link is:

 

Join Over the Phone: 

Dial (929) 436-2866

Meeting ID: 610 644 8250

Passcode: 550032

THANK YOU FOR YOUR PRAYERS AND GENEROUS FINANCIAL SUPPORT!

 

At the congregation meeting on May 16, you will be asked to approve the following motion:

 

  • The Members of Paoli Presbyterian Church (the “Church”), pursuant to Pennsylvania law and the bylaws of the Church, hereby adopt the following resolutions:

 

  • RESOLVED, that the Church employ the services of C. Raymond Davis & Sons, Inc. to construct a new gathering space and upgrades to the sanctuary and surrounding areas;

 

  • RESOLVED FURTHER, that the Church borrow a sum not to exceed $2 million to pay for the construction of these areas; and

 

  • RESOLVED FURTHER, that the Clerk of Session, Donna Russell, and Finance Committee Chair, Curt Siverling, are authorized on behalf of the Church to execute all documents relating to this loan, including but not limited to a loan agreement, a mortgage, and a note giving to Lender a secured interest  in the real estate located at 225 South Valley Road, Willistown Township, Chester County, Pennsylvania (collectively called the “Loan Documents”), some of which may contain default judgment language, and any and all other documents required to carry out the intent of the foregoing resolution.

 

 

NOTE of Clarification: The borrowing authorization is a NOT TO EXCEED figure. We currently have gifts and pledges of nearly $2.7M toward the $3.2M project cost. However, about $1.2M of those pledges will be collected over the next two years. In order to proceed, the church must either have cash on hand or a line of credit for the entire project. There is also a need for some credit cushion in case unforeseen expenses arise (above built-in contingencies). Thus the need for a line of credit of up to $2M. At the time of receiving permit of occupancy, the balance on the line of credit will convert to a term loan. This loan will have no prepayment penalty. At this point, the only long-term borrowing anticipated is the $500,000 difference between pledges and the total project cost, and your continued generous donations will continue to reduce this balance.