Here’s a fun topic: the debt for Lake Logan. It’s been a long road for a lot of you who have walked it with us, and we’re almost to the end of it (hence the lovely photo at the top of this page). Lake Logan has no more mortgage debt, but we do have some operational debt. I get asked about it a lot, so here’s the latest.
When the Episcopal Diocese of Western North Carolina purchased the Lake Logan property in 2000, considerable land improvements were made to make the location what it needed to be for Camp Henry and retreat guests. Those improvements cost more than expected, and as a result, there was a large mortgage debt on the property for many years. The debt – initially millions of dollars – weighed heavy on minds of people of the Diocese and hearts of people who love Lake Logan.
In 2016, that mortgage debt was paid off. Woo hoo! That was a huge accomplishment – we are talking millions and millions of dollars that supporters of the ministry helped pay.
The operating debt remained, and in 2016 that debt was around $600,000. Through a lot of hard work, creativity, support from Bishop José, a group known as “The Friends,” and the rest of the Diocese, that operational debt is now down to below $250,000. This debt consists of a $100,000 term loan, a fluctuating line of credit currently at $130,000, and an interest-free restoration loan with the Diocese for about $15,000.
We have an opportunity now to reduce that operational debt even further. The Friends have issued a matching challenge. They will give $68,000 if we are able to find a match of $68,000. This would wipe out the Term Loan, meaning we would not have to scramble each February to pay the portion due. It would also pay off part of the line of credit, giving us more breathing room and further reducing our monthly interest payments (currently about $700 per month). Imagine how we can grow this ministry without the burden of that interest payment! We are grateful to The Friends for this challenge and hope that we will find more friends willing to help us make the match – and maybe even surpass it.
I hope you’re as excited about this opportunity as I am! Would you like to help? Contact me or Michelle at email@example.com for more information. Thank you!