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So, so close, yet so far…
Over and over again, people anxiously asked when is the new facility opening? The answer to that query is that it all depends on when we secure the necessary financing to complete the project. Regrettably, the last 4 months construction has been dramatically scaled back to keep pace with the availability of funds to cover those costs. From closing months of 2022 till this past April, approximately $2,000,000 was being spent a month on construction work, while now they are about $700,000 a month which gives insight into the degree that work has slowed. Yet, work does continue and the focus is on completing much of the exterior work and enclosing the structure while the weather facilitates that work before winter.
While there is a $10,000,000 construction loan in place, it cannot be accessed UNTIL we bridge the gap between the last $10,000,000 needed to complete the project and the funds already committed for it. The amount of that shortfall is approximately $2,500,000. Once we have secured these funds and are thus eligible to access the loan, work will accelerate on the project to the previous levels and construction can be completed in 6-8 months!
This magnificent new facility is so close to being completed and yet cannot because of this shortfall which is relatively small in relations to the almost $40,000,000 which has been raised to date for this project.. Hopefully those who have not yet participated in the Capital Campaign will do so and help complete the project which will impact the lives of so many elderly of our community. Or those who have already made a generous donation will help us close that shortfall by making another contribution. We need the help of the community to complete the interior work (sheetrocking, installation of mechanicals alady stored onsite, etc) which has sadly paused.
NOW is the time to make a donation in one of the Levels of Givingand/or remaining Naming Opportunities (see the QR code below).
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