Prince of Peace Lutheran Church
Executive Committee Meeting Minutes
November 6, 2016
Present: Pastor Chad Brekke, Sue LaGue, Julia Sevald, and Christina Jobe
Guest: Allan Grant
Call to Order: President Sue LaGue called the meeting to order at 12:27 p.m.
Adoption of the Agenda (discussion regarding refinancing mortgage): A motion was made by Julia Sevald and seconded by Christina Jobe to approve the agenda. Motion approved.
Thrivent Financial has approved our application to refinance the mortgage. The refinancing fee is $12,000, which will be rolled into the mortgage. We have two options:
- Fixed – 15-years at 3.95%
- ARM – first 10 years fixed at 3.65%
We currently pay $14,724/month. If we choose the 15-year fixed rate and pay the same monthly amount, the mortgage will be paid off in July 2029. If we choose the ARM and pay the same monthly amount, the mortgage will be paid off in February 2029.
We currently have ~$1.7 million to pay on our mortgage. With the ARM we would still have ~$400,000 left to pay at the end of the 10 years, which would adjust to the new rate. We could have a “pay down the debt” campaign at some point during the next 10 years to raise the $400,000 and completely pay off the mortgage by the end of the 10th year.
A motion was made by Julia Sevald and seconded by Christina Jobe to choose the ARM option. Motion approved.
A motion was made by Julia Sevald and seconded by Christina Jobe to adjourn the meeting. Motion approved.