April 13, 2018
WHEFA Bond Financing Helps Mount Olive Lutheran School Construct and Renovate in Appleton
Bonds Placed with Investors Community Bank
“Being able to utilize tax-exempt bond financing through WHEFA was a huge blessing for Mount Olive Lutheran School. We estimated that it will save us over $110,000 in interest expense. Even after factoring in legal fees and related issuance costs, we will experience a substantial reduction in financing costs. This allowed us to move forward with construction of a facility that will serve the needs of the young children of our congregation and our community for years to come. We are so grateful for access to this type of financing option.”
– Rev. Robert F. Raasch, Pastor at
Mount Olive Ev. Lutheran Church of Appleton, Wisconsin, Inc.
Bond financing facilitated by WHEFA will be used to help Mount Olive Ev. Lutheran Church of Appleton, Wisconsin, Inc. finance the costs associated with the construction and equipping of an addition and renovations to Mount Olive Lutheran School, including the addition of approximately 20,500 square feet to the grade school, including 4 new school classrooms (3K, 4K and two 5K rooms), a new gymnasium and new locker rooms, a new kitchen, a relocated school administration office suite, a new secure main school entrance, a relocated and improved playground, parking lot improvements and various other interior renovations. This federally tax-exempt financing process has enabled the School to operate more effectively by financing its capital expenses at lower interest rates (initially 3.28-3.98%).
WHEFA is proud to have been able to assist Mount Olive Lutheran School reduce their overall debt service by providing access to low-cost private capital.