Capital Campaign Report at Congregational Meeting December 1, 2017

by Frank Harder December 7, 2017

 

The Capital Campaign Committee in 2017 included Pat Canavan, Ron Ferner, David Fiori, Frank Harder, George McFarland, Virginia McNally, Melissa Molieri, Carter Skeel, Jocelyn Scribano, Clive Stockdale, and Liz Voboril.

During 2017 to date we retired more than a million dollars of debt and paid off the 1716 Spruce Street building. This was due to generous contributions from the congregation and a number of bequests. In that context, I want to mention that Dave Hanrahan is the person to talk to if you are considering including Tenth in your will or other long-term giving option.

We are prayerful that generous year end giving will permit another significant mortgage pay down in the new year. I would also like to mention, that because the stock market is up now, gifts of appreciated stock may be good stewardship at this time.

By January 2019 the 1710 Spruce building will likely need to be refinanced. Obviously, the more we pay down now, the more straightforward that task will be and the less the church will spend on interest over the long term. Our remaining debt is approximately $3.5 million. Our third quarter interest payments were $15,000.

Around Labor Day, we announced we had a $45,000 matching gift. That challenge has been met.

1716 is clearly surplus to our needs at the present. In addition, the City School is moving out of 315 at the end of the school year. So we will have some decisions to make regarding property in 2018. We are moving forward on that question on a number of different fronts.

  • We are working to find a paying tenant for 1716.
  • We have begun exploratory talks with Philadelphia Classical School around providing space to help that school grow into the future. That would initially involve 315, but could also involve 1716 in the future.
  • In October Session approved preparation of a new facility master plan. Our current master plan is more than a decade ago and very much out of date. This work will include a zero base space budget for the church.

Work in 1710 this past year has focused on making living quarters on the third and fourth floors for the resident interns. Portions of the first and second floors are being used as administrative space for outreach staff. The first floor conference rooms are being heavily used at this point. The carriage house has been configured for use by young children.

Two new projects are in the planning stage for completion next year. The building committee is leading this work.

  • Remodeling the second floor of 1710 to make a large meeting space. Initial plans are to use the space for the college ministry. This will free up both conference rooms on the first floor for Sunday morning use by other groups.
  • Creation of the long awaited terrace. An artist’s concept is above and displayed in Reception Hall today.

Thank you again for your gifts of time, talent, and money needed to complete this project.

Please pray for this ongoing work and sufficient funds to pay down the mortgage.

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Please include the following statement on any distributed copy: By Frank Harder. © 2020 Tenth Presbyterian Church. Website: tenth.org