Current and Projected Timeline (as of 12/28):
What We've Done So Far:
- November 2019 | $259,300 was committed for 24 months by 39 families
- May 2020 | Purchased 2.45 acre parcel for $220,000 (assessed at $320,000)
- October 2020 | Site Plan submitted to Stafford County
- December 2020 | $150,000 investment to help with site work or paying off land
- December 2020 | Steel order placed for May 2, 2021 shipment
- December 2020 | Building Plan submitted to Stafford County
What's Next:
- January-March 2021 | Lending and permitting secured to begin site work/construction
- April-December 2021 | Construction
- January 2022 | Move-in
Pre-Construction Costs:
- Feasibility Study | $7,960.50 of $7,960.50
- Land Purchase | $9,494.81 of $220,000.00
- Architectural Fees | $64,594.21 of $97,000.00
- Civil Engineering and Site Work Fees | $37,710.42 of $54,642.70
- Stafford County Fees | $24,035.17 of $39,000.00
- FF&E | $56,377.00 of $137,000.00
- Total Paid | $200,172.11 of $555,603.20 (36%)
Next Steps:
- Lending secured. We are currently in later stages of underwriting with a local bank. The construction loan provided by the bank will be no more than $1.65MM, along with two contingencies: key man insurance taken out on the lead pastor for the amount of the loan for 20 years; and, $85,000 placed into a wealth building account for 24 months.
- 25% of the total cost to build of $2,276,850 is the required “downpayment” or investment into the project before start of construction, which is slated for April. As of now, we have $200,172.11 invested into the project and $125,000 cash on hand. With the $150,000 investment, we would be investing $475,172. (Please understand that the $150,000 would need to be paid back over time.)
This is a potential image of a playground.