Message from the TKA Co-Presidents

Dear Friends,

We want to update you on a milestone marked at Temple Kol Ami during a Special Congregational Meeting on November 13, 2007.  At that meeting a vote passed unanimously, authorizing the negotiation and execution of a financing package that will allow us to commence phase one of our construction project before the end of this year.

We have pledges of $2.6M in hand, to be paid over five years.  To date we have collected over $750,000.  We are considering finance proposals from Charter One and Comerica Banks, both for up to $1.5M, with a repayment term of seven years.  We will only draw from this line of credit in amounts needed to pay construction, architectural, engineering and permitting fees in excess of campaign pledges collected.  The total cost of the first phase of construction is projected at $1.6M, with finance costs estimated not to exceed $400,000.  With our current pledges, including a factor of uncollected pledges, all our analysis shows that we will be able to service this debt, and pay off the balance prior to term.  It was explained that funds collected from the capital campaign are managed in separate accounts, can be used exclusively for expenses associated with the building project, and cannot be co-mingled with any operating or general funds of the Temple.

In order to be proactive and use current pledges in a timely and positive manner, the decision was made to do the construction in phases.  The clear priority of the congregation, communicated in meetings, surveys and interviews, was to bring our Religious School on site.  Therefore, the first phase of construction will result in an addition, including additional basement space, which will add classrooms and multi-functional meeting spaces.  The current office area will also be renovated because parts of it are going to be converted to Religious School space.  Phase one construction is slated to be completed in time for the 2008 school year next fall.  

Another advantage of this phased construction is that it maximizes our ability to use the facility during construction.  Our sanctuary will be fully functional throughout the construction, as will a good portion of the social hall.  Although we will have to deal with the expected inconveniences of construction, the cost and disruption of being completely displaced will be avoided.

The overwhelming success of our Capital Campaign thus far has enabled us to take this step.  There are still congregants with whom we have not been able to meet, and others who have said they will be participating, and are interested in seeing our progress before they make their commitment.  Beginning the building now will give us the momentum to complete our Campaign.  Meeting our $5M goal will fund phase two, construction of our sanctuary, social hall and kitchen, as well as our intended endowment, thus solidifying our future.

The next milestone will be Sunday December 9, 2007, our formal groundbreaking ceremony.  We hope you will join in this celebration.  You are all a part of this, please come share in the joy!

Best wishes for a relaxing Thanksgiving holiday with family and friends.

B'shalom,
Howard Katz                                        Bill Faber
Co-President                                        Co-President