Exciting News about River City Federal Credit Union Acquisition!

Oh sing to the LORD a new song; sing to the LORD, all the earth! Sing to the LORD, bless his name; tell of his salvation from day to day. Declare his glory among the nations, his marvelous works among all the peoples! For great is the LORD, and greatly to be praised; he is to be feared above all gods. Ps. 96:1-4

Following yesterday’s service of worship, the Session of Redeemer announced exciting news about acquiring the River City Federal Credit Union (RCFCU) property, which is adjacent to our current lot at 903 N. St. Mary’s (represented as items #2-4 in picture above). When added to our current property, this will give Redeemer an entire city block in downtown San Antonio totaling 2.6 acres. The combined square footage of both existing structures is almost 70,000 square feet. Truly, God is granting more than we could have imagined only a few months ago!

In January, the elders signed a contract with the credit union to acquire their property for $1.82 million. In order to close on this property in July, Redeemer must raise $364,000 for the down payment, perform due diligence on the property, acquire financing and put the property decision to a congregational vote in May.

In regard to funding the acquisition, two important pieces of news were also announced yesterday. First of all, the elders have secured $360,000 in commitments from member families, which shall be given prior to June 30 in order to make the down payment. It was also announced that the RCFCU, as part of the contract, will lease the property back from Redeemer for three years, including two years guaranteed. Additionally, the value of this lease back corresponds to the financing of the project. This means Redeemer will not have any financial responsibility for this property until the summer of 2016.

The Session is eager for the congregation to participate in this new facet of our downtown relocation project. To encourage that participation, two donors have pledged up to $25,000 each, to match additional pledges by members and attenders of Redeemer. This means that an additional $100,000 is within reach, if $50,000 in new pledges can be raised. Please click here for a copy of the pledge card and make your pledge today!

These are exiting times in the life of Redeemer Presbyterian Church and ones for which we should continuously give thanks to our triune God. By God’s grace and all for his glory, God is positioning Redeemer to declare all of God’s “marvelous works” to the city of San Antonio for decades to come. Please join us in giving thanks and in participating financially in this important project!