BUILDING PROJECT

New St. Michael Church $8,350,000

Worship space/narthex/bell tower/basement $6,708,000

Organ $ 250,000

Sound System $ 80,000

Liturgical Appointments $ 662,000

· Artwork & Stained glass
· Altar, Baptismal Font, Pews & Seating

Site Preparation $ 650,000

· Asbestos removal/demolition (rectory, convent, slab)
· Water retention, paving, landscape

New Parish Administrative Offices $ 650,000

Additional Space $ 500,000

· Relocation of Preschool & Kindergarten
· Reallocation of 3,500 sf in Faith Center (for use by Youth Ministry/Adult Ed/Religious Ed)

Other Expenses $ 250,000

· Gymnasium floor repair & air conditioning
· Partial funding of new priest residence (balance from other funding sources and sale of condo residence)

PROJECTED TOTAL BUDGET $9,750,000

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FINANCING OUR PROJECT

Projected Total Budget $9,750,000 (1)

Funds Currently in Bank $4,600,000

· Insurance Settlement $3,901,764
· Donations $ 698,236

Funding Still Needed $5,150,000

Proposed Sources of Funding

· Capital Campaign Goal $3,922,500

· Additional Insurance $ 400,000

· Loan From Diocese of Joliet (2) $ 827,500

$5,150,000

(1) 75% of $9,750,000 required in the bank to break ground $7,312,500
Funds currently in bank from insurance and donations $4,600,000
Additional insurance funds at signing with General Contractor $ 400,000
Cash needed to be raised and in the bank before we break ground $2,312,500

(2) Loan amount may be reduced by exceeding Capital Campaign Goal

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St. Michael Parish
315 West Illinois St.
Wheaton, IL 60187
630.665.2250