August 10, 2022
Dear Parishioners of the Assumption.
I hope you are all enjoying your summer. Here is the latest update about our building project and capital campaign.
As you recall from our special assembly in the spring regarding the building project, we set out a very aggressive goal to fundraise, gain the last of our necessary approvals, and break ground on the building shortly after our June festival. Since that time, we have raised $670,000 additional dollars in pledges, from 13 individuals/families who stepped up and pledged for the first time, and 13 individuals/families who had pledged previously and added to those prior pledges. In total we have $1,670,000 in pledges from 49 individuals/families. We also were approved to receive a $500,000 small business loan at 2.75% interest over 30 years, putting the total monies we have collected/available to date at $2,170,000. This is wonderful progress and speaks to our community’s commitment towards this project the future of the Church. All that being said, there is still more work to do!
Deep into the summer as we are, we are not able to secure a favorable start date with the contractors and subcontractors for this year. Our plan and hope, therefore, is to put ourselves at the top of the queue of the construction schedule for 2023.
Sometimes, a delay or disappointment can be a blessing in disguise, and such seems to be the case here:
- That gives us seven more months to fundraise further.
- It means we will have the time to submit the grant proposal that Demetra Antimisiaris has put so much time into, not only to a couple of national foundations, but also to local institutions that support initiatives which benefit the greater Louisville community, as our new building should help us do to an even greater extent than we do already.
- Optimize our project—further value engineering can benefit the total cost of the project.
- Better pricing. We will of necessity have to send the project out for bid anew. Not only does this allow us to apply lessons learned to this next bidding process, which should help us secure the most competitive bids possible, but several individuals involved with the building industry believe that certain key material costs—specifically wood and cement—should be significantly lower a few months from now than they are today.
- Be ready to break ground in Spring 2023.
Please know that the Parish Council and all the partners we have working with us are continuing to work on this project.
We knew that raising $2 million between April 30 and June 4 was highly optimistic and aspirational. We have much greater confidence that completing our fundraising goals, getting new and more competitive bids early in 2023, and breaking ground at the beginning of the construction cycle for 2023 is practical and realizable.
And, please, any connections, resources, great ideas, constructive suggestions you might have as we proceed toward our (our Community’s) goal, share them with us.
Peace to all,
Evanthia Speliotis, on behalf of the Parish Council of Assumption GOC
email@example.com / 502-500-7904