At the time of the presentation on November 6, 2006, the parish owed the diocese approximately $720,000, and was paying this down at the rate of approximately $1,000 per month.  It was necessary to address the debt in the plan, as the diocese would not consider any restoration proposal if the debt was not paid off.  In order to pay off the majority of this debt, funds would be raised in conjunction with the fundraising for the project cost to pay off the debt per the following schedule.  Upon completion of this project (10 year comprehensive multi-phase plan), over $690,000 of the $720,000 debt would have been paid to the diocese.

As previously noted, the mission of this foundation is to preserve, maintain and protect the Sacred Heart of Jesus Church and its contents.  Therefore, no funds collected will be used to pay off the debt. This debt information is included to clarify the funding requirements and milestones that were presented on November 6, 2006.

Debt to Diocese

  •Propose to pay down the debt as a part of each phase of the project.

  •Add 15% of the cost of each phase, to pay off the debt.

  •Debt Reduction by Phase:

–Phase 1: $309,000

–Phase 2: $109,700

–Phase 3: $  86,400

–Phase 4: $  66,400

–Total:      $571,500