~     A School Project Update    ~

  September 2007

As a very successful construction season continues, it is a time for celebrating all that has been accomplished while recognizing and planning for all that remains to be done.  

 

We are most pleased to announce that our parishioners, alumni and extended community have, to date, pledged or gifted $12 million of the total project cost of $15 million.    As the campaign concludes its first year of giving, the community's ongoing commitment to this project has been demonstrated by the timely payment of pledges.   Even more inspiring is the number of parishioners who have accelerated their giving.   For example, while only $2.5 million was “due” in payment of pledges at this time in a five-year campaign, over $3.75 million has already been paid by donors.    The faithful commitment to pledges is essential to a maintaining a firm and predictable budget.

 

  So, a very sincere “thank you” to the Nativity parishioners, alumni, and community for the continued commitment to faithful giving by the financial support of this project.  

 

While raising funds is a crucial part of any campaign, the prudent management of those funds is equally important.     Under Bishop Peter Christensen's guidance, 0ur parish has a history of completing capital projects, on-time and on-budget.   For example, the parish renovation completed in 2003 was financed completely by capital campaign, with remaining proceeds sufficient to create the seed fund for the current school project.   Similarly, the magnificent pipe organ, generously donated by the Sitzmann family, was acquired without incurring any parish debt.  

 

Although Bishop Peter Christensen has left to pursue his new duties at the Superior Diocese, it remains the hope and determined expectation of all Legacy leadership to complete this school renovation/expansion project without long term debt, as well.   Nativity is well on its way to this accomplishment:

•  Phase 1, the summer 2006 renovation of the interior of the 1960's building, was completed on-time and on-budget at a cost of approximately $1 million, paid in cash from the Legacy capital campaign.

•  Phase 2, the renovation /expansion project began in April 2007, is on-time and on-budget, as well.   Phase 2 construction expenditures to date of $4.0 million have been paid in cash from Legacy capital campaign.

 

While the financial support of the parish has been remarkable, all gifts will not be presented to the parish until the conclusion of the capital campaign in 2011, making some interim financing necessary.    The Legacy Finance Advisory and Nativity Finance Council worked diligently to procure the most advantageous financing package possible.   We   are very pleased to announce the completion of an integrated public bonding/private placement financing plan which secures interim financing during the construction phase of our project.   The very favorable terms of this plan, including a 4.9% interest rate, have resulted in decreasing financing costs by more than $150,000.  

 

As exciting as these developments are, much fund-raising remains to be accomplished.   If you have not yet made a gift to the Legacy School Building Initiative, please prayerfully consider supporting this Nativity project.   Please click on “Pledge Card” or send gifts made out to “Legacy School Building Iniatitive” directly to:

                      B.J. Kranz, Legacy Administrator

                      Lannan Parish Center

                      1900 Wellesley Ave

                      St. Paul, MN   55105

 

The success of this financial campaign and the promise of a fully updated and enhanced learning facility are a great gift to our parish-- now and for decades to come.   Thank you for your support and continuing prayers.