Construction Plans

$4,351,927

Phase 2 of The Bridge campaign will consist of a new lobby entrance, hallway renovation from the lobby to the sanctuary, and renovated bathrooms on all three floors of the building.

We will be opening a new Sanctuary entrance on the San Marco Place side where the double doors currently exist further South on San Marco Place. Other points of entry will include the SMCC entrance and the Atlantic sanctuary doors.

No, the parking lot is being redesigned to have compliant handicapped parking spaces and will be inaccessible for the duration of the project.

The large parking lot behind the fire station, the SMCC Parking lot, and street parking are all available. On Sundays we also have access to parking on the other side of Hendricks Ave at Group 4 Design, Chase Bank, and the Dentist office.

Jaycox Architects and Associates, a highly-rated architectural design firm in Jacksonville, has been involved in our planning from the beginning. Auld & White Constructors, LLC will managing the build out. 

The estimated loan is $4,290,074, plus closing costs, for an estimated total loan of $4,351,927.

The estimated total includes:

• $1,007,221 for the CGIF loan
• $302,613 for the loan from Karen
• $2,980,240 for estimated construction costs
• $61,853 for estimated closing costs

The estimated total is $4,351,927.

The loan includes a 12-month construction draw period, followed by a 10-year term with a 20-year amortization.

At the end of the 10-year term, the bank would work with Aspire to renew the loan for another 10 years. Renewal conversations would begin several months before the loan term ends.

The current interest rate is 5.95%, locked at closing.

The bank uses the 10-year Treasury rate as a guide when setting interest rates. If rates drop significantly in the future, the bank may contact Aspire about reducing the interest rate.

The estimated closing costs are $61,853.

Closing costs would normally include intangible tax. Aspire may be exempt from the intangible tax because it is a 501(c)(3) non-profit religious corporation. The title company handling the closing should be able to help with that exemption.

Aspire had an appraisal completed in 2024.

The church has asked whether the bank will accept an updated appraisal instead of requiring a new one. Darren has provided the 2024 appraisal, and the bank will respond about whether an updated appraisal can be used.

Yes. The loan currently includes 12 months of interest-only payments during construction.

That period can be extended for 6 months if necessary.

The bank would require a first mortgage on the subject church property.

The bank will not require the three houses or the parking lot west of the church property to be included as collateral, as long as the church property appraisal supports the loan.

No. The bank will not require a personal or corporate guarantee.

Yes. The loan includes a 3-year declining prepayment penalty, structured as 3%, 2%, and 1%.

There is no penalty if Aspire makes prepayments during the first three years from internal funds. This is important if Aspire receives a large gift or legacy gift.

The bank has a construction unit that will work with Bill Ware and Allen Davis throughout the construction process.

No. Wind coverage or named storm coverage is not a requirement of the loan.

Aspire explained to the bank that approval is needed from the Council of Trustees and the church before moving forward with the loan.

Aspire will continue working with the bank to provide due diligence information during the approval process.