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The weakening economy and specifically the well-publicized credit crunch in the banking and broader financial sector have dealt us a temporary setback, just as these same factors have affected many of our families. Despite our Board of Trustees' concerted best efforts, we have been unable to obtain the financing necessary to begin actual construction in Hendersonville. Even with our school's strong, stable financial condition and solid credit rating, and the steady growth in gifts and pledges to the Forward in Faith capital campaign, it appears a signed contract for the sale of the current campus may be required before bank financing can be arranged.
Still, there are some encouraging advancements to report:
- Strong interest has been shown in the purchase of our current campus. Virtually any potential buyer for our campus is subject to the same general financing challenges that are affecting our ability to secure a loan.
- Plans and specifications for the 83,000-square-foot lower school building have been completed. This building will have a capacity of more than 700 students.
- Conceptual schematic design of the new upper school building and the arts and athletics complex is complete.
- The Forward in Faith capital campaign continues to receive gifts and pledges, which now total almost $2.3 million.
Our goal and plans to relocate to Hendersonville have not changed. Every member of our board is fully committed to the move. The delay in securing financing does mean, however, that construction cannot begin in time for us to occupy the new campus by the fall of 2009 as originally planned. As soon as we are able to obtain financing we will move ahead quickly with construction and relocation.
In the meantime, we will continue to focus our efforts on several fronts:
- Our utmost priority is to maintain the caring, Christian environment for which we are known. We will continue to execute on our mission statement and prepare Davidson Academy's students for college, life, and eternity.
- We will continue to raise money through the Forward in Faith capital campaign. It is essential to have substantial private financial support for the campus relocation. Many of our generous donors have already made pledges. Before the campaign ends, every friend and family member of Davidson Academy will have an opportunity to participate. The amount raised and the number of gifts and pledges received are strong indications of our enthusiasm and committed support as bankers consider our loan applications.
- We will continue to aggressively pursue additional funding for the campus move by staying in close contact with banks and other lenders. As the economic climate improves - and perhaps even sooner as we work with potential buyers of our Old Hickory Blvd. campus - Davidson Academy will be poised to secure an appropriate financing package that will immediately permit construction on the new campus.
We strongly believe God has directed our move to Hendersonville, and are moving "Forward in Faith" that He is orchestrating the steps in His own time and ways. We urge you to continue to pray with us for His direction and intervention. As always, we will keep you posted of key developments.
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