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Look at How Far We've Come! (October 2020)

Front of the Temple from E. Broad St.

West Side and Front of Temple

The East Side of Temple from the Parking Lot

The West Side of the Building and the Parking Lot

Sanctuary, Classrooms, and Brick Walkway

Sanctuary, Classrooms & Parking Lot

Photos courtesy of Sam Nahem

Building Floor Plans

Click on each picture to see an enlargement.

Ground Floor plan

Second Floor Office Plan

North & East Building Elevations

South & West Building Elevations

How much has been raised? What was the goal?

Our goal is to enter the new building with no debt and no mortgage and a fund for deferred maintenance. We believe this is fiscally responsible. The total amount we need to have on hand to build, furnish and program in the new building is $4.5 million.


The current budget for just the construction of the building is close to $3.7 million, excluding furnishings. We have been working with the contractor to keep the budget reasonable and have gone ‘back to the drawing board’ several times. This number is higher than first anticipated due to a combination of the current building boom, natural disasters and recent tariffs. The increase is not attributed to enhancements or special requests (other than an elevator add).
We believe it is prudent to begin construction with a cushion for unanticipated challenges.
We need to furnish the building, including the sanctuary, as well as have programming funds to engage congregants of all ages in our new home.
 

As of April 1, 2019, we currently have over $3 million in the bank from the sale of the building and cash already in from pledges to the campaign.  Any funding in excess of the goal will allow us to provide additional programming and deferred maintenance as we meet the needs of our growing congregation.

Why did we need a fundraising campaign?
When we purchased our new location, we did so by talking to a few contractors who projected a simple renovation with a budget of $2 million.  It took us some time to sell our former location and during that time, the design of our new location evolved.  Modernizing our new locations is simply going to cost more than originally planned.  The proceeds from the sale, plus paying off our mortgage which secured our new location and a significant increase in the cost of construction had left us short of funds. While we will not overspend on this renovation, we will not incur debt or add a building assessment to membership commitments either, so we needed to raise the funds to pay for the renovations.

How much did we make from the sale of our building? How much is available to improve the new location?

Our former location sold for $3,950,000 and we netted $2,248,000 for the improvement of the building. Although this was the only viable offer received, it was competitive given the location and real estate market. We are especially pleased that the offer was from a religious organization which we believe resulted in a higher price as the buyer is able to use the building without significant renovation. The difference between the sales price and the funds available is as follows: 

  • $1,260,000 million for our new location. This includes the cost of the real estate, realtor fees, and closing costs. 

  • $442,000 to repay our loan to the Temple Israel Foundation (includes $21,000 of interest). The loan from the Foundation was necessary due to several years of shortfall between membership income and Temple expenses. We are grateful we had access to The Temple Israel Foundation in our time of need. You may remember that several years ago we received an unsolicited offer of $8 million for our previous building. While we actively pursued this opportunity, the offer turned out to be unviable. As part of the process in pursuit of the offer we hosted a congregational town hall, and those that participated in the meeting reached a consensus that, regardless of the outcome of the unsolicited offer, a smaller space would better serve our congregation. In many ways, the unsolicited offer became the opening for some healthy and important congregational dialogue about our future. Ultimately, the $3,950,000 sale price was the only viable offer made for the building.

Sun, October 25 2020 7 Cheshvan 5781