There has been some confusion about what the "Debt Reduction" envelope goes toward. I, as a newer member, certainly did not know what it was all about until recently. In 1995, when the church decided to add Augustana Hall on to its main structure, it needed to have some capital available to upgrade the structure to the great building you see now. A mortgage was required to achieve that end. After almost twenty years, the mortgage is becoming close to being paid, yet there still is a gap between what we have paid, and what is owed.
In rough terms, we still owe approximately $12,000 to this mortgage. The "Debt Reduction" envelopes go to that effort, making the total owed less over time. In the next few years, we must reduce this number to zero, that we might pay off this note and wholly own the property debt-free. Many people have contributed significant amounts over time to assist in this effort, and now we ask you to consider helping us to close this out this debt.
For each month in 2013, a "Debt Reduction" envelope will be included in your printed copy of The Visitor as a reminder that this bill still outstanding. If you consider this to be something that you can help us with, the church would be very appreciative. When this expense is paid off, the annual payment to the mortgage will now be returned to the general fund. This would represent approximately $9,000 in newly realized income. That would be a great piece of growth for our congregation.
Thank you for considering this important campaign.