With the installation of the solar photovoltaic system, the construction of St. Michael Church and the Grace Parish Center is complete. The project that started after the 2006 Kīholo Earthquake damage has had its challenges. With your support, we now have a beautiful campus to worship and gather.
Here is a recap of the costs and how we got to where we are now.
St. Michael the Archangel Church
The cost of the church, including construction, furnishings, equipment, and landscaping, was $11,506,195. Prior to beginning construction of the Church, we received $932,342 from insurance after the earthquake. We then secured a loan from the Diocese of Honolulu in the amount of $5,500,000. Throughout construction, with your help, our fundraising provided additional money for construction and debt reduction.
Grace Parish Center
The total cost of the Grace Parish Center, including furnishings and equipment is $6,910,413. Prior to beginning construction of the Grace Parish Center, we secured a $3,500,000 20-year loan at four percent from the Knights of Columbus, with a monthly payment of $21,283.15. We used $547,534 of the loan proceeds to pay off the remaining balance of the diocese loan. Fundraising as reported in the bulletin for the construction of the parish center has been approximately $6,000,000 of the total cost of $6,910,413.
The total project cost of the church and parish center is $18,416,607.
Construction Debt
Again, with your support, we have paid off the diocesan loan and made additional payments to reduce our Knights of Columbus debt to $918,095. With the current monthly payment of $21,283.15 we will retire the remaining balance in less than four years — 10 years ahead of schedule!
We very much appreciate all of the time, talent, and treasure that has been shared over the past 10 years to allow us to have such a beautiful campus to worship and gather for us and for future generations.
If you would like to make a contribution to the remaining debt, please visit www.osvhub.com/konacatholicchurch/giving/funds
