Building Update 136
“Pay Application 05”
October 3, 2024
Project News: AR received Pay Application 05 from Trident Construction on September 25th in the amount of $482,687.43. We will be receiving a monthly invoice from Trident Construction from now on until the building project is completed which is currently scheduled for the end of August 2025.
Starting with Pay Application 05, the Construction Loan will pay 64% of each Trident Invoice with Ashley Ridge paying the remaining 36%. For Pay Application 05, this works-out to the following:
Construction Loan: $308,919.96
Ashley Ridge Church: $173,767.47
NOTE: AR paid the first $500K in Trident Invoices (Pay Applications 01-04) as a condition of the Construction Loan Agreement.
With Trident Invoices coming-in regularly now and increasing in amount, we could sure use everyone “pulling-on the rope” to help get these invoices paid and keep the construction ball rolling. I will be putting-out a monthly Building Update which will give you the numbers and scope of work for each Pay Application as they are received.
If you are able to make a contribution to the Building Fund for Pay Application 05, you can do so on-line via the church website: ashleyridgechurch.org
Scope of Work: Pay Application 05 includes but is not limited to the following: Sitework, Concrete Foundation & Steel, Electrical, Permits & Business Licenses, CGL & Builders Risk Insurance
Financial Report. September’s giving numbers are in (see below):
Contributions – September: $94,990*
Contributions Year-To-Date (YTD): $869,485*
*As of 9/30/2024
Derrick Horres, AR Building Project Leader