The sale of the former St. Francis Borgia School on Hamilton Avenue in Cedarburg was completed recently, with demolition of the facility currently underway by the new owner.
Our parish received net proceeds of approximately $1.06 million from the transaction, and applied exactly $1 million of it to the debt incurred in 2015 to construct the new school on the north campus. Following this payment, the remaining outstanding Education & Activity Center debt stands at approximately $600,000 with a rate of 3.635%.
We have approximately $190,000 of restricted cash on hand from past pledge collections that are earmarked for debt service, as well as covering some modest landscaping around the parking lot at the south church (upon completion of the Arabelle development). For the next two years, the required principal and interest payments on the EA&C debt will run approximately $5,500 per month, which will be made from the existing $190,000 of cash.
Parish leadership is reviewing additional fundraising opportunities to pay off the remaining E&AC debt in the next few years. Watch for our parish’s annual financial report in early fall for more detailed information on the E&AC debt and school sale proceeds.
Our parish is in the enviable position of have an impressive $10+ million Education & Activity Center and just $600,000 of remaining borrowings. Thank you to all who participated in making the E&AC a reality!