For this months edition of Ask Pastor Brandan?, I want to follow up on an announcement we made during our State of the Church Address in January regarding the future of our campus at 3090 Polk Avenue. In our annual report, I wrote the following concerning the future of our property:
"One of the major challenges that we are facing as a community in 2018 has to do with our campus. In 2010, Missiongathering entered into an agreement with the former owners of our church campus to purchase our property for $1,600,000.00, to be paid off gradually from 2010-2018. The final payment of the remaining balance is set to be due in March 2018.
Since 2011, Missiongathering has paid only the interest payments on our mortgage each month at a rate of $4666.67 per month. This means that our church owes the full remainder of our debt, in the amount of $1,400,000.00 to the previous owners on March 31, 2018.
In order to meet this requirement, we are in the process of seeking to secure a new loan from The Disciples of Christ Board of Church Extensions to help us pay off the sellers and then aggressively work towards paying off the cost of our building altogether. However, if this loan is secured, our monthly payments will double, putting us at nearly $8,000 per month. This is one of the primary reasons for needing to seek external renters for our campus and the continuation of The Irenic."
I am pleased to announce that on March 4, 2018, we will sign off on a new refinancing of our campus through our denomination, securing our home here on the corner of Polk & Illinois for decades to come. While it is true that our monthly payment will increase to nearly $8,000/month, we are confident that with the growth we are experiencing, the ways in which we're seeking to utilize every inch of our campus, and through the faithful financial support of all who call Missiongathering home, that we will be able to meet all of our financial needs every month while continuing to aggressively pursue the goal of having 20% of our total budget be dedicated to doing outreach and justice in our community by 2020.
I want to thank Elder Lee Rivera and our financial director Phil Fowler for their hard work overseeing the process of securing this new loan, and want to extend a sincere thanks to everyone in our congregation who has faithfully prayed for our leaders as we have navigated through this hurdle. God has been faithful to us, church, and it is clear to me that we are meant to be here, shining the light of Christ in the heart of North Park for decades to come.
Let's press onwards together!
WHERE WE ARE
3090 Polk Avenue
San Diego, CA 92104