Saint Finbar Church - Keystone Progess Report

Planned Purchase of 2006 West Olive Avenue Property

Announcement Dated: December 6, 2009

I am pleased to announce that this week, we will be entering into a 30-day escrow to purchase the office building immediately adjacent to the Rectory. I’ve had numerous prayerful and practical consultations with our Pastoral, Finance and Ministry Leaders Councils, in order to explore the concept of purchasing this property. I believe this decision has resulted in a very smart financial move for our long-term facility operation and parish plan.

This 9,000+ square-foot building is being financed through the Archdiocese, by an addition to our already existing loan from them. The terms are quite favorable for us, based upon the fact that the existing owner will stay on as our tenant for 22 months. The rent will cover the interest that we have to pay on the full amount of the loan, while we complete the Building on the Keystone project, and continue to collect the pledges to pay down our Phase I Capital Campaign debt.

If you recall, we were going to follow Phase I with a Phase II Campaign to renovate the Convent. That project was slotted to cost 2.5 million dollars, followed by a Phase III Campaign for 3 million dollars to completely gut and redesign the Rectory and build additional restrooms for the church. This would have necessitated housing our priests elsewhere, and brought Phases II and III to a total fund raising of 5.5 million dollars.

With this strategic move, we have several advantages. First, we trim our fund-raising Phase II and Phase III campaigns from 5.5 million dollars to just about 2.5 million dollars. This will actually allow us to eliminate the Phase III Campaign completely. I must make it clear though, that we will only realize these substantial savings if all of the Phase I, Building on the Keystone pledges are paid in full, and the weekly collection reaches and maintains the $20,000 per week goal.

Second, all of our parish operations will be on the same side of the street, and all of the office functions will be next door to each other. And lastly, our priests will stay on the property and will remain in residence at the Rectory.

As a financial back to the Archdiocese’s loan, if we are unable to achieve our Phase II goal of raising 2.5 million dollars within the next three years, and or the weekly giving drops off, the Convent will be used as collateral. What that means is that the Archdiocese would call for the sale of the Convent, and that those proceeds would go toward paying down our loan. However, I have hope that we will be able to raise the necessary funds and keep all our properties because hope in God does not disappoint.

Please keep in mind that it is still our plan to move forward with giving the Convent a face-lift for use by the Confirmation Program, the Youth Groups and the Religious Education Program following Phase II. In the long term, we also see that the Rectory could be reconfigured a bit to accommodate additional needs in the future.

I am available to answer any of your questions regarding this purchase at the end of Mass. There are also members of both Councils here to assist me as well. If you would rather think about this matter and then comment, all of the Council Members’ names and phone numbers are on the front of the bulletin. They would be more than happy to answer your questions. This statement is also posted on our website.

I realize that this is a lot of information to take in in just a few minutes, but the bottom line is that your Parish Leadership and I believe that these strategic moves are in the best interest of all of us, in addition to our parishioners of the future, and will be saving us almost 2.5 million dollars while adding another 9,000 square feet of space to be used by us to continue the work of Christ in the world.

I join St. Paul in saying that I am confident of this, that the one who began this good work in our midst will continue to complete it.

Thank you and God Bless

Father Albert Bahhuth
Pastor