Capital Campaign Updates and Information (Original Member Resolution)

Member Resolution
Resolved, that the members of The Colonial Church of Edina (the “church”) hereby approve the capital campaign as presented by the Capital Campaign Task Force and Church Council, and any related construction loan financing (including any required mortgage or other liens, and any necessary related restructuring of the church's existing indebtedness). This construction loan financing is anticipated to be up to 80% of the amount of pledges made in the capital campaign and will be on terms and conditions as approved by Church Council and the Finance Committee. The Moderator, Vice Moderator, Secretary and Treasurer of the church are each authorized and directed for an on behalf of the church to execute, deliver and perform such agreements, instruments, evidences of indebtedness and other documents as he or she deems necessary or desirable in connection with the capital campaign and construction loan financing.

Some Key Elements of the Approval

Goal. The capital campaign is $3 Million, however the amounts received may be more or less than that goal.

Costs. The costs for each project are estimates based on information available today. The actual costs may be different.

Final Spending Decisions. Final decisions as to spending if amounts received are more or less than the goal, or if costs vary significantly, will be made by the Church Council, with input from the Capital Campaign Task Force and other committees as needed. The secondary list has not yet been prioritized.

Financing. Final terms of the construction loan financing and the specific amount will be determined by Church Council and the Finance Committee based on pledges made.

Designs. Decisions as to the design of certain projects, such as air conditioning, will be made by Church Council, with input from appropriate committees and sub-committees.

Outreach. Decisions as to spending the outreach component will be recommended by the Outreach Committee to Church Council and made by Church Council.

Communication. Church leadership commits to communicate with the congregation throughout the process.

Council welcomes your suggestions and questions. Please send email to the Council at moderator@colonialchurch.org or send your comments to them by mail at the Church, attention: Moderator