At its June meeting, the Emmaus council passed a motion to recommend refinancing the existing loan with Thrivent. It is proposed that the current balance of under $18,000 be rolled over into a new loan, adding slightly over $100,000 to that amount.
The additional funds would then be used to help defray expenses already incurred for winter utility bills, snow removal and the recent damage resulting from sewer back-up in the parsonage. Internal borrowing from designated funds has been necessary to meet those and other obligations. In addition, $30,000 would be used for upcoming alley repair, and the remainder would be earmarked for future capital improvements.
The recommendation includes the parameters of keeping the monthly payments at under $1,000 (current payment is $992.00) with a fifteen year fixed rate. This recommendation will be officially made to the congregation at a special meeting to be held Sunday, July 27, at 10:30 a.m. in the Sunset Room.