New Building

• November 2004: We received the building permit for our church from Howard County. This concluded a nearly one-year process in obtaining the permit.

• January 2005: we received the pricing for our building from our general contractor, Hencken & Gaines. The construction budget came in just slightly over $2 million.

• September 2005: we reached the $130,000 goal for our Building Fund Pledge Drive.

• October 4, 2005: Howard Bank gave final approval for a $1.6 million loan. Based upon our giving history and the results of our Building Fund Pledge Drive, Howard Bank is offering to lend us $1.6 million on a 30-year amortization schedule at a 6.75% fixed rate. For the first twelve months (the construction phase), payments are interest-only, paying only as we draw on the funds. For the next two years after the construction phase, payments are interest-only, with quarterly payments of 85% of what is in our building fund (these payments are entirely applied to principal reduction). At the end of the third year, we will convert to a mortgage note of 6 years based on a 28-year amortization schedule.

• October 12, 2005: the parish Council of Stewards gave approval for the loan commitment.

• January 2006: Work on the foundation has begun!

• March 2006: Loan with Howard Bank was closed.

The building as designed and approved will be a two-level (with each level having 6300 sq. ft.) brick and glass structure. The upper level will contain a temple with a capacity just under 300 persons, lobby, as well as offices and a conference room. The lower level will have a fellowship hall, commercial kitchen, storage and seven self-contained classrooms along with an outdoor patio off the logia. Construction is estimated to take between 10 and 12 months.

St. Matthew's Church is continuing to raise funds for the new church. In 2005, nearly $155,000 was given to the building fund! Thank you to every single one who have submitted a pledge commitment and are in the process of fulfilling it. Your sacrificial giving, faithfulness and generosity are greatly appreciated and will be rewarded by our Lord.

There is still a gap between the cost of the building as designed and the funds available from the Howard Bank loan and our Building Fund. If you would like to help us make this dream a reality, you can make a check or credit card donation.