The service agreement with Learning Care Group (Pathways Learning Academy) is for 5 years of operation. The current forecast of revenues that Grace Commons will receive from Learning Care Group will pay back the investment in the preschool modifications by year 4 and provide additional revenues to repay debt obligations for the main church renovation in the ensuing years of operation.
The preschool starts to turn a small profit and is ahead of what we anticipated. We are grateful for this partnership.
In January 2022, Learning Care Group received temporary licensing approval from the State of Colorado, allowing it to do a soft launch on January 17, 2022 with 30 students enrolled. The City of Boulder followed shortly with permanent licensing in February 2022. We are thrilled to be able to meet a very real need in the Boulder area with this state-of-the-art preschool.
Learning Care Group will take occupancy when Grace Commons receives a certificate of occupancy from the City of Boulder. This is based on completion of construction by PG Arnold and approved inspections by the City. A temporary CO was received in mid-June 2021, which allowed Learning Care Group to begin the licensure process with the State of Colorado. Learning Care Group will begin recruiting and hiring staff for the pre-school. This includes the hiring of a School Relations Coordinator who will be the primary liaison between the pre-school and Grace Commons.
Planning Board review and approval and subsequent City Council review was received in January 2022. The City Council review and approval will entitle Grace Commons Church to build the project that has been reviewed and approved. Entitlement will allow Grace Commons Church to submit its application for Low Income Housing Tax Credits (LIHTC) to the State of Colorado Housing Finance Authority (CHFA).
Planning Board review and approval and subsequent City Council review was received in January 2022. The City Council review and approval will entitle Grace Commons Church to build the project that has been reviewed and approved. Entitlement will allow Grace Commons Church to submit its application for Low Income Housing Tax Credits (LIHTC) to the State of Colorado Housing Finance Authority (CHFA).
We hope to start construction in April 2023. The Annex project is expected to take about 12 months to complete, with the Annex open for use by July 2024.
Application for building permit will be submitted in December 2022. Application to CHFA for 9% affordable housing tax credits will be made in February 2023. Our congregation will be invited to approve the financing structure on the Annex. Pinkard Construction to finalize Guaranteed Maximum Price contract prior to financial closing. We hope to receive the building permit from the City of Boulder in March 2023.
Term sheet and operating agreement in development with Moss Denver to operate the Annex event space. A Precious Child has agreed to partner with us to provide workforce training to foster children aging out of the program. This training will done through the Annex coffee shop and retail store.
Application to the Boulder Community Foundation for a community assistance grant was submitted mid-September for the amount of $9000. We developed a prospectus for investors in order to solicit private investment in the Annex during the Fall of 2022.
Term sheet and operating agreement in development with Moss Denver to operate the Annex event space. A Precious Child has agreed to partner with us to provide workforce training to foster children aging out of the program. This training will done through the Annex coffee shop and retail store.
Application to the Boulder Community Foundation for a community assistance grant was submitted mid-September for the amount of $9000. We developed a prospectus for investors in order to solicit private investment in the Annex during the Fall of 2022.
With entitlement in hand Grace Commons can proceed to final design and bidding of the Annex project. Construction drawings were developed and submitted to the City of Boulder for review prior to bidding and building permit applications made in alignment with the bidding process.
Application to the Boulder Community Foundation for a community assistance grant was submitted mid-September for the amount of $9000. We developed a prospectus for investors in order to solicit private investment in the Annex during the Fall of 2022.
Site review documents were submitted to the City in January 2021, and comments received in February. A second site review package was submitted in April 2021 that addressed comments from the Design Advisory Board and City staff. Comments were received from the City in early May 2021, and a third submittal made to the City in June 2021.
Application to the Boulder Community Foundation for a community assistance grant was submitted mid-September for the amount of $9000. We developed a prospectus for investors in order to solicit private investment in the Annex during the Fall of 2022.
Worthy cause grants
Social impact investors
Other gifts outside of Grace Commons
Completion of the construction documents and submittal for the building permit is planned for 4th quarter 2024. Demolition of the Geneva Wing and Westminster Hall should commence in late spring 2025 and be completed by summer 2025. Temporary structures and walls will be completed prior to construction commencing on the new work. Construction is expected to be complete by Fall 2026!
City Council approval will entitle Grace Commons to build the project that has been approved. It is currently recommended that the Annex project proceed to final design and construction completion before the main campus work is undertaken. This will allow for the pre-school operation to confirm its revenue projections and for Grace Commons to hire a senior pastor to lead discussions on the details of the final renovation.
Completion of construction documents should proceed after completion of the Annex in early 2024. Whilst the documents are being finalized a General Contractor partner should be selected to assist in the final design, pricing and material selection for the project. This partnership will allow for excellent budget control and forecasting.
cCompletion of the construction documents and submittal for the building permit is planned for 4th quarter 2024. Demolition of thecGcneva Wing and Westminster Hall should commence in late spring 2025 and be completed by summer 2025. Temporary structures and walls will be completed prior to construction commencing on the new work. Construction is expected to be complete by Fall 2026!c
On the first Sunday of every month through July 2022. The Boulder Vision Project Team will host monthly updates aim to keep everyone informed on what’s happening with the Annex and Main Campus.
There is some great news to share regarding the Boulder Vision Project and our capital campaign! There will be plenty of time for Q&A. Please join us as we celebrate what God is doing through you!
For Boulder, with Love Leadership Team presents information about the vision, facility planning process and capital campaign.
Wednesdays at the church. Small groups to engage with during the vision series.
Dinner and conversation to discover more about the For Boulder, with Love vision and how to participate in it.