With the severe rains in North Texas, many of you are aware of the leaks in our building and of our desperate need to repair the flat roofs on our building. As we have wrestled with our insurance company over claims for both the shingled and the flat roofs, we have evaluated our immediate needs to move forward. We now know there will be no insurance money for the flat roofs, and little if any for the shingled roofs.
On September 27, because of the immediate need, the Session voted to make a loan request from our denomination’s Presbyterian Investment and Loan Program (PILP), who offers excellent terms on loans to its member churches. We just found out (10/25) that they have approved our loan request, pending approval by Grace Presbytery and by our congregation. We have scheduled a congregational meeting for Nov. 18th at noon to vote on the approval for this loan, the collateral for which is our existing building. The congregation must vote on any encumbrance of the property, and that will be done at this congregational meeting.
We have worked hard over the years to avoid long-term loans on our property, but we have little choice in the current situation, and this loan to quickly repair our flat roofs will save us money on additional water damage to our property. We are glad for this opportunity to move forward on a project that needed to be done decades ago.
Further details about the loan, its terms, payments, etc. will be made available at the congregational meeting. Please pray that we are able to repair these roofs in a timely fashion in order to continue God’s kingdom work in the ministry of First Presbyterian Church of Arlington. Praise the Lord for the offer of excellent terms of the loan available to us through PILP, and pray that we also could pay off the loan in a timely fashion.
Faithfully yours in Christ,
Pastor Rich McDermott