A Phase 1 Project commitment was approved by the congregation this morning
(Mar. 16, 2008) by a 91% margin (min. required by the church constitution is 2/3, 67%). 
Therefore, beginning ASAP we will be approaching banks for financing proposals
and authorizing contracts with the successful Round 2 bidders! 

Phase 1 officially is now underway!

The Project and Capital Campaign Teams would like to thank everyone for their
prayers, financial support and encouragement throughout the past four years. 
Now that the decision is made we hope everyone will get behind this project
enthusiastically as we take our first bold steps into the future!

Status of Phase 1 Project (4/27/2008):
* Design Development and construction drawings were completed in late July, 2007
* Project Specifications/Bidding Documents were mailed to contractors in August
* Bids were received from 3 general and 3 individual contractors on Aug. 31, 2007
* Bids were reviewed and rejected by the Project & Capital Team on Sept. 4.
* A new list of potential small contractors was given to Panich & Noel, Nov. 1
* Round 2 Bidding materials were distributed at end Nov.-Dec. to potential contractors.
* The new bids were received and opened for review on Jan. 22, 2008 (was 1/15)
* The Project Team reviewed and accepted the Bid2 results on Jan. 29, 2008.
* On Feb. 5, 2008 the Board of Ministry approved recommending the project to the church.
* An Open forum was held on March 5th, 6 pm to discuss all aspects of the project.
* A Special Business meeting was held on March 16 (snow delay).  Project was approved (91%).
* Banks were visited Mar. 27 and 28, and we await their official construction loan offerings.
* Site surveying to consolidate the church property has been completed.
* A property appraisal will be completed once a financial institution is selected.
* A pre-construction meeting was held with all contractors and architect on April 10.
* Of four banks interviewed Williamstown Bank was selected as the preferred financing institution.

Discussion:

If you have any questions at any time, please feel free to contact: Tim Lindstrom, chair,
EBC Project and Capital Improvement Team

Update: 5/04/2008:
Here is an approximate accounting of the finances received toward this program and project
since 2004, and the funds expended getting to this point.

In 2004, the full Master Plan was approved. 
             A total of $37,282 was given, and only $6,633 expended.
In 2005, $18,532 was given, and 
             $13,691 was expended (feasability study & initial campaign fee).
In 2006, $86,325 was given ($5,387 before campaign pledges), and
             $25,026 was spent (campaign).
In 2007, $119,040 was given and
             $42,695 was expended toward project development and bidding.
In 2008 to date, $56,344 has been given, and
             $35,524 has been spent on project development and materials purchases.

So since 2004 we have covered a a total of slightly over $110,000 in costs getting to this
point wihtout additional debt or burden to the operating budget.  Of this total amount
$59,844 has gone toward the Master Plan, architectural fees and related expenses;
$3,835 has gone toward asbestos and soil assessment testing;
$7,390 has gone toward developing a plan for Phase II to update the Sanctuary;
$8,190 has gone toward assessing our probable financial capital giving capability; and
$30,525 has gone toward executing the financial campaign to underwrite the project start.
$13,469 has now gone toward actual project materials purchases.

This leaves a current balance on hand of approx. $194,025 with additional outstanding
pledge commitments of $152,023 due by Sept., 2009.  This is the financial strength with
which we will approach banking institutions for the construction loan and eventual mortgage
to complete the project.

I truly believe this is a defining moment for the future of Emmanuel Baptist church.  We
haven't prayed so much, worked so hard, given so freely, planned so carefully, and seen
God's leading so clearly to turn back now.  The team has said "Let's Go!"  The Board of
Ministry has said "Let's Go!"  We hope that the vast majority of our voting membership will
join with us on March 9th to give a resounding "GO" to the Phase I project.