We are excited to share the following news related to the Capital Campaign for the Upper Division expansion. The Campaign has been underway for more than 3 years during very difficult economic times. Many of our families and friends have made significant contributions to help us realize our dream of both renovating the Upper Division campus and constructing the Arts & Athletics Center, which will benefit the entire NGFS community.
The financing for the Upper Division expansion has always envisioned a significant loan in addition to contributions. Rather than obtaining a loan from financial institution-no small feat in this time of tight credit and difficult underwriting-Bob Page & Dale Frederiksen will stand in the place of the bank and provide a loan to finance the project at a rate substantially below what is available in the market, and that also avoids significant bank fees.
This capital investment, funded by Bob & Dale, is the most significant in the school's history and will enable us to move forward in 2011 with the expansion. By sharing their resources in this creative way, Bob & Dale are enabling us to move forward with the expansioin now-during a time when market pressure has forced construction costs to record lows. This investment has also allowed us to purchase 12 acres of land adjacent to the Upper Division campus for future expansion-bringing our total land ownership to 27 contiguous acres.
Bob & Dale are making this significant financial investment to secure the future of New Garden Friends School. These actions reflect their tremendous love and support of our school community and the importance it plays in educating all of our children. NGFS is thrilled to accept this offer of generosity and to be associated with the Page/Frederiksen name, and that of Replacements, Ltd., which reflect the values of fairness, equality and justice in our community that we treasure.
Bob extends his deepest gratitude to everyone who has contributed to the Capital Campaign. "Moving forward with this important expansion wouldn't be possible without the many contributions of generous donors, past, present and future."
Does this mean that our Capital Campaign is over? No. We must raise an additional $500,000, and our goal is to raise approximately half of that prior to groundbreaking. The Capital Campaign team and our community leaders are working furiously to ensure this happens. By accepting Bob & Dale's gift, we galvanize our commitment to raising the necessary funds. We won't slow down on our fundraising efforts.
Bob & Dale's gift is a vote of confidence for the future of New Garden Friends School. We are incredibly moved by and grateful for the faith and generosity this investment displays. Groundbreaking is expected to take place in February 2011, and completion of the new facility is anticipated approximately nine months later.
In Peace & Gratitude,
David
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