Christ the Redeemer Catholic Community 2700 Waldon Road Lake Orion, MI 48360 Phone: 248-391-1621 Fax: 248-391-3412

Debt Reduction

"We continue to pay on the parish debt for the building of the new House of the Church that was dedicated in October of 2000. At the time we committed to repay the $5.5M debt in 10 years. Although we made a strong effort two years ago to get our repayment schedule on a 10 + 1 year pay-back, we are now looking at a 10+5 year pay-back. At the present rate, we will retire the debt in March of 2015. The good news is that by October the debt will be under $3M. (We were actually under $3M for all of June, but the interest payments accrues at the end of June and December)

"This year we will use a graphic of the Church Building to chart the progress for our debt repayment for the current budget year. (July 1-June 30) This will be like the thermometer that we used for the CSA campaign this spring. That drive was very successful; the thermometer went over the top. We are hoping that each year we can raise the roof a little higher as well. Any additional funds that go to the debt repayment will help blast through the roof each year and reduce the total time that it takes to pay back the building debt. This graphic gives an idea of how much of our debt has been paid."

Fr. Joe