Sts. Peter & Paul

What is the status of the church’s offer?

The church has signed the Purchase and Sale Agreement (PSA) with the seller.  This allows us 150 days to perform due diligence to ensure that the purchase is financially viable and the condition of the property is acceptable.  Items include - a financial report with comprehensive projections on building income and operational expenses; a detailed financing plan for the building purchase; a property inspection report among others.
 

When does the 150-day due diligence period expire?

Approximately mid-December 2019.
 

Is the Diocese helping us?

Yes, Bishop Larry Silva and the Diocese staff are providing their guidance and expertise to help us collect and analyze the information on the property.
 

How are we planning to pay for the property?

Developing the financing plan for the purchase is part of the due diligence process.  Our initial plan calls for 1) assuming the owner’s existing mortgage of approximately $3.0 million; 2) securing financing through an external lender; 3) using a portion of the church’s building fund; and 4) launching a strong capital campaign.  This plan is presently being validated through the due diligence process.
 

Why are we purchasing the property?

There are several reasons that purchasing the property is a good decision for Sts. Peter and Paul Church.  The first is that we are in critical need of additional space and in fact, improving our campus space is one of the objectives in the 2017 Parish Pastoral Plan.  As we explored available property in our neighborhood, it became very clear that there are few opportunities and that we must seriously consider this purchase.  We must plan for our future and be prepared for the extensive growth and development that are taking place not only in Kaka‘ako but along the Kapiolani and Keeaumoku corridors.
 
In addition, with the closing of many Catholic schools around the island, it is extremely important that parishes like ours maintain their faith formation classes and programs for our keiki to grow and learn in their faith.
 

How much do we have to raise?

We have set the preliminary goal at $3.25 million.  We are working with a campaign consulting firm that conducted a campaign feasibility study for us.  The firm reported that with the strong support of our parishioners and grants from selected foundations and corporations, we can raise our goal.
 

When might I expect to be asked for a gift?

We are in the “quiet phase” of the campaign.  We will ask for lead and major campaign gifts from our parishioners.   This is very important as these first gifts will help to set the pace of the campaign as well as validate that we can raise the funds needed for a successful campaign.  In October the campaign committee will reach out to the entire parish to ask for parishioners’ campaign donations.  Our goal is to raise $1.0 - $1.5 million by December.
 

Who will be asked to support the campaign?

All registered members of Sts. Peter and Paul, along with staff, other volunteers, friends of the parish and community funders.  Below is a gift table with suggested contributions, payable up to five years.