In the summer of 2019, City Road Chapel obtained a loan from the United Methodist Foundation for the Tennessee and Memphis Conferences (The Foundation) in the amount of $60,000 to cover the expenses of the playground refurbishment project. The plan at the time was for the Child Development Center to repay this loan within 2 years based on projected income. With the closing of the Child Development Center in August of 2021, the church’s operating budget assumed the responsibility for the repayment of the loan, and given our current financial status, began to seek ways of lowering the monthly payment. After conversation with the Foundation, it was determined that it was possible to refinance and reduce the monthly payments. The Finance Working Group reviewed the proposal and submitted a motion to the City Road Chapel Leadership Board regarding the refinancing of the loan.
Per the City Road Chapel Leadership Guidelines, the motion was submitted to the Board via email for their consideration and votes. On Tuesday, Feb. 8, the last votes were received and the motion to refinance was approved.
The official motion and the vote tally is included below: