Real Estate, Part 5

Key Question: “How can we consider a Capital Campaign when we are behind in our current giving?”

The gap between actual giving in 2007 and our budgets is an understandable concern as we consider undertaking a capital campaign in 2008. Trustee Clive Stockdale provided a report recently showing encouraging signs that we are in fact “catching up.” (See Tenth Press article from November 25, 2007). Giving in December often exceeds any other month’s so we are prayerfully hopeful that by the end of the year, giving will match expenses.

We have additional reasons to go forward. Next years’ ministry and building budgets will be flat: that is, there will be no overall increases, which should provide some relief. Furthermore, churches undertaking campaigns often experience increased giving to their operating budgets at the same time that money is being raised for capital expenditures.

Most importantly, as Rev. Clark wrote in part 1 of this series, the Capital Campaign will be a faith-stretching experience. In a season of sacrificial giving, God can teach us important lessons such as evaluating our spending priorities and depending on his Providence. Maybe we will experience, as the churches in Macedonia, the “abundance of joy” of those who give despite affliction and extreme poverty (2 Corinthians 8:2–3).

Project of the Week: Property Acquisition Reserve Account ¦ $400,000
Tenth Church presently suffers from a shortage of space in every major category. Nurseries are crowded; over 100 first through sixth graders meet each Sunday in the Catacombs; some adult classes cannot be offered because there is simply no place to meet; our congregational gathering space is essentially limited to the Sanctuary; and there is insufficient office space for existing staff. We already rent space to accommodate our needs and will need to lease additional space in the near future. The lack of facilities constrains our ability to proclaim the gospel of Jesus Christ and serve him effectively. The ultimate goal, therefore, is to acquire nearby property to establish a multipurpose facility for gospel ministry. Our experience in ministry and vision for the future gives us confidence that these new facilities will be well used by both current and future generations. Consider our plight if past generations had lacked the foresight to acquire 1701 Delancey and 315 South 17th Street or excavate and renovate the Catacombs.

The real estate committee has, over recent months, identified and evaluated various properties and facilities that Tenth might purchase or rent to further its ministry agenda. Nearby real estate parcels that serve our needs are both limited and expensive. Nevertheless, there is a strong sense of urgency because undeveloped neighborhood properties are being developed and are not likely to be available again.

The purpose of this campaign project is to create a reserve account to help the Building Committee assess properties as they become available and act quickly when the right property is identified. Funds will be used to pay the initial fees that come with assessing a property’s suitability, including earnest money to take a property off the market while it is being evaluated and reimbursement for legal, architectural, and engineering services rendered as part of the evaluation process. Congregational approval is required prior to the purchase of any new property.

A Real Estate Report has been developed to provide a thorough overview of our property needs, as well as the principles and priorities we will follow in evaluating potential acquisitions. This report is posted on Tenth’s website.