NewsFinancial Updates
May 6, 2024

Tribune Project Update (April 2022-2024)

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When we first considered the prospect of buying and renovating the former printing press building of the South Bend Tribune, we realized there were a number of reasons to make this commitment:

  1. We wanted to secure a long-term home for our church.
  2. We wanted to be better stewards of our resources by working toward a rent-free, debt-free future.
  3. We wanted to bring new life to an empty building in the heart of downtown.
  4. And we wanted to make that building a resource for community partners who could use it during the week to pursue common good projects on common ground. (Good news: Boys and Girls Clubs will host one of their summer camp programs in June at our building, hosting 100 kids each week day, before launching a new school year club at the Tribune this fall.)

The purchase price of the building was $1,000,000, and initial estimates from our general contractor priced the phase 1 renovations at $3,408,795, for a total phase 1 cost of $4,408,795. 

In order to pay for the project, we combined at mortgage of $2,500,000 with giving commitments from the members of SBCC that totaled $1,769,986. 

Our general contractor costs came in under their estimate, totaling $3,401,520. And giving came in above the original commitment, with $1,829,174 given to date from 217 individuals and families. 

The project has had other costs beyond those incurred with our general contractor (e.g. audio and lighting in the gathering area), and those costs total $212,903. As we earlier communicated, we secured a secondary bridge loan with a credit limit of $500,000 to make sure we didn’t run into a cash crunch during the project. As of today, $288,247 of that line of credit has been used. 

With our final invoice due to our general contractor, and with cash on hand sufficient to cover it, we’re so grateful for all the contributions that have brought phase 1 of the Tribune Project to a successful completion.

Listen to today’s podcast to hear Jason share all of this information and more with our community at this weekend’s gatherings.

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