Tuesday, July 18, 2006

Roof Update

An update on our roof lawsuit and teh monies we will be receiving. Recently we reached a settlement in a lawsuit against Logan Roofers, Bart Rodi, and Therma View Skylight Company regarding the failed installation of a roof in 2001. The lawsuit was settled for $87,500. The remaining legal fees will be $17,500 which will leave us with $70,000.

Once we repay the expenses we have incurred throughout this process $5,684.88 and repair the damage to the sanctuary which we estimate to be $18,500 we will have a balance of approximately $45,815.

Our skylight was successfully installed thanks to a grant by the St. Matthew’s Bedell Fund in Bedford, New York. The terms of that grant included a provision that should our lawsuit be won, we would split the amount we won less the costs of legal fees and expenses to repair the damage. Per that agreement, we expect to repay approximately $22,907.50 to the Bedell Fund or half of the remaining balance of $45,815.
We expect to receive the check from the lawyers in the amount of $70,000 in the next 30 days. The balance will be deposited in the Capital Fund and used for major repairs to the church property.


At 7:25 PM, Blogger jane stormes said...

Wow...how exciting to have moved forward on this and to have more of a nest egg to lean on.


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