SANTA MARIA DEL MAR
STATUS OF LEARNING CENTER AND RECTORY PROJECT
MAY 31, 2006

Total Pledges Received ........................................................................... $1,661,000

Pledge Balance ........................................................................................$1,069,000

Cash Balance, including proceeds from sale of old rectory ...........................$   905,000
less expenses incurred to date

Total Estimated Cost ............................................................................ $2,280,000
[Not including covering the walkway between the church and Father O’Flaherty Hall
– estimated cost $370,000, which has been deferred at this time.]

Summary
  Total Construction Bid .........................................................................  $2,400,000
  Fees, Permits, Furnishings, etc. ....................................$250,000...........  $2,650,000
  Less – Deferral of construction of covered walkway .....-$370,000
  Total Estimated Cost .............................................................................$2,280,000

Contractor – Bomar Construction, Inc., Ormond Beach, FL  (lowest bidder)

Status of construction

All permits have been filed and construction should begin in the next few months when the permits have been issued.  We will build the new parking lot first.

Financing

It is anticipated that the additional funds required will be raised by re-financing the existing church mortgage.  The current balance is $1.4 million and the monthly payment of interest and amortization is $16,100.  Re-financing, which will restore the mortgage to the original term of 15 years should not result in any appreciable increase in the monthly payment.

Diocesan Assessment

The Diocese has eliminated the tax on building funds.  Effective July 1, 2006 no further tax will be paid on our pledge collections.  This action will result in a savings of approximately $200,000.   This saving is reflected in the above numbers.