NEW building

“I am the Church, You are the Church, We are the Church Together.” As a Church Conference we had the chance to sing these words together on Monday night, November 19. At that time we, as the First United Methodist Church family, also voted to move forward with a project that has the potential to increase our missions both for our congregation as well as the community.

 

On behalf of the Fresh Start Committee, we want to Thank You all for your prayers and support through this long and sometimes difficult process.  We as a committee understand the significance of the vote to move forward for all of our church family--both those who supported the new facility and those who felt that we could continue to serve the needs of the community as well as our own needs with the current facility.  Now that the vote has been taken, we pray that we will move forward as a united congregation.

 

We ask that you continue to pray for the process, the Capital Campaign, the planning, designs and construction that lie ahead. We are entering into an exciting time for our church and we pray that you will all continue to participate in the life of the Church and its community outreach.  We are the Church, we are the Church Community and we are the ones God continues to bless through our faithfulness to him. God is Good All the Time, and All The Time God Is Good. Bless you and Thank You Again.

 

The Fresh Start Committee


Please watch this short Forward In Faith video – Click Here



Project Summary

Oct 7th 20202

  • Final Total Cost (including fees) from Construction Manager - $3,715,313
  • This is $149,166 (4.2%) above the amount given to congregation in 11/2018.  This is due largely to delays of close to one year due to switching Construction Managers last year, plus unknowns at the time of the original estimate discovered during plan development.
  • Changes made to reduce the cost of construction from original plan in 11/2018:
  • Removed drive-thru canopy on south side of church.  This can be added during construction if actual costs are running below estimates.
  • The elevator is sized to accommodate 10-15 people but is not sized to accommodate a casket.  Caskets will continue to be moved in and out of the church as they are currently on the first floor through the north door.
  • Slight modifications to the north entrance reducing the useable space in the new narthex.  (Guestimate – 150 sq. ft.)
  • Restoring the stained-glass windows was not included in the 2018 budget estimate.  We expect that there will be different fund-raising efforts to complete this at a later time.
  • Project Financing Plan:  We received proposals from two banks for a line of credit and mortgage.  We have selected Midwest Bank of Monmouth, IL who is proposing a rate of 3.429% for the 12-month line of credit.  The rate for the mortgage will be set at 2.609% above the Federal Home Loan Bank rate, which is currently 0.82%, which puts the mortgage rate at 3.429%.  This rate is fixed for seven years and will be adjusted to 2.609% above the FHLB rate at that time for subsequent seven-year periods.
  • Line of Credit: $1,502,000; interest only paid monthly as funds are drawn
  • Line of Credit Interest rate: 3.429%
  • Estimated Mortgage: $1,201,000
  • Mortgage Interest rate: 2.609% above FHLB rate; reset each 7 years
  • Amortization: 25 years
  • Annual mortgage payments: $71,621
  • Eighty-one families or individuals have pledged their financial support and ninety-one (91) have actually contributed.  We will be asking our congregation to prayerfully consider continuing their pledge at a level that will support the annual mortgage payments.  With 120 giving units, we estimate this ask to be approximately $50 per month or $597 per year above their giving to support the operating budget of the church.

  • We strongly believe that our new sanctuary will honor God and His ministry through us.  Please support it with your financial gift. 


A Resolution of the First United Methodist Church

For the construction of a new sanctuary building

October 25, 2020


First United Methodist Church has undergone extensive work to resolve it’s long standing concerns about the continued deterioration of the sanctuary building constructed in the late 1800’s.  It has lacked many things that a modern church requires including complete unencumbered access for people with limited mobility and the ability to conduct a variety of styles of worship that people today expect.

 

The proposal is to replace the current sanctuary building, leaving in place the Education Building constructed in the early 1960’s, with a new sanctuary building.  The building will be approximately 6,300 square feet in size on both the main floor as well as the lower level.  The first floor will be the main sanctuary along with a narthex located where the current courtyard is on the northside of the building.  The sanctuary will accommodate seating for 250 people and on the same level as the education building. 

 

An elevator connecting all three floors is also included.  The lower level includes a new kitchen, pantry and seating for approximately 200 people in the new dining area.  The lower level will be on the same level as the Youth Group room in the Education Building.

 

The final cost provided by Zion Church Builders, the Construction Manager, plus furniture, fixture, equipment and professional fees is $3,715,313.  The church has already paid $258,839 toward the project, leaving a balance of $3,456,374. As of September 30, 2020, the church has $1,919,172 in cash and investments.  This along with a construction loan of $1,502,301 and a grant from the Fellheimer Trust of Macomb will complete the required funds needed to pay for the construction.  The remaining unpaid pledges from the Capital Campaign in 2019 of approximately $300,000, will reduce the final mortgage to approximately $1,200,000. 

 

We have a received a financing commitment letter from Midwest Bank which includes a fixed interest rate of 3.429% for twelve (12) months for the construction loan and a rate of 2.609% above the Federal Home Loan Bank rate (currently 0.82%) at the time the construction loan is converted to a mortgage. Using this formula, the mortgage interest rate will be adjusted every seven (7) years during the life of the mortgage.  Annual payments over the twenty-five (25) year amortization period, based on the current interest rates, are $74,359.

 

The District Committee on Building and Relocation has given their unanimous approval for this project and its financing plan on October 7, 2020.

 

Therefore, be it resolved that members of the First United Methodist Church of Monmouth, IL at the all church conference meeting on October 25, 2020 hereby grant authority to the Chairperson of the Trustees to execute all documents for contracting and financing the construction of our new sanctuary building described above.  These documents include, but are not limited to a Promissory Note, Construction Mortgage, Resolution to Borrower, Security Agreement, Construction Escrow Agreement, Construction contract and any addendums and change orders.   

how can i get involved

There are a few ways you can get involved right now! 


  1. Commit to pray for the building program. A group of people meet every Wednesday morning from 9:30 - 9:45 in the chapel to pray together for this program. If you are unable to make it to the chapel on Wednesday mornings put it on your calendar to join in where ever you are to pray for the program.