March 5, 2017 update

Good morning!

My name is John Fraser, Treasurer of the Church and a member of the Redevelopment Steering Committee.

I hope you are all familiar with the good news from HopeSprings that they will remain open.

Our $50,000 donation was a big factor in that decision and we should all feel good about helping this organization survive. They were looking for $400,000 in donations by the end of February but fell short of that goal. I looked at their website this morning and they need another $93,000.

On the redevelopment front, we get a weekly update from our realtor at Colliers International. In the interests of transparency, I will read the update but omit the names of the developers since there is some confidentiality involved.

“We had one new developer who we met with this week and he is interested.   He has a good background in urban residential developments throughout Southwestern Ontario.  I expect we will know if he will make an offer by mid next week.  I also expect we will know the same from another developer when he is back from California next week.”

We will be having the Annual General Meeting in three weeks. The Board and Ministry Team are working to develop a budget for 2017 but it’s difficult given the large number of uncertainties that exist in our near term future. For example, when are we moving to St Matthews? How much will we pay in monthly rent? What will it cost to upgrade the space we are renting and provide wifi so our technology functions? More to come at the AGM but I can tell you that right now, we are forecasting the largest deficit, by far,  in our 175 year history. Our revenues are declining, our costs are increasing and moving always costs more than one would like.