Suffragan Bishop of the Arctic Darren McCartney, left, Dean of the Cathedral Jonas Allooloo and Bishop of the Arctic David Parsons spoke to the media Oct. 7, after learning that creditors were calling in the debt for construction of the new St. Jude's Cathedral, which opened in 2012. A new plan has been revealed to pay off the debt by the end of next year. - NNSL file photo |
Diocese speeds up debt repayment
Anglicans asked to give an extra $20 per week to cover $1.9-million loan
Casey Lessard
Northern News Services
Published Monday, May 26, 2014
NUNAVUT
With help from long-time partner NCC Investment Group, the Anglican Diocese of the Arctic has secured a loan to pay $1.9 million in debt remaining from the reconstruction of Iqaluit's St. Jude's Cathedral - and the bishop has an ambitious plan to pay the debt by the end of next year.
"It is asking a lot of people to do it," said Bishop David Parsons about calling on every Anglican in the diocese to give an additional $20 per week for the next year and a half to achieve what he's calling Freedom 2015. "It's a sacrifice. For those who are used to giving, this won't seem like a lot, but to others, it's an awful lot to ask. But with everyone doing their part, it's possible to pay it off in a year and a half."
The payment of the loan would clear the debts accumulated in the wake of a 2005 arson that destroyed the original iglu-shaped St. Jude's Cathedral.
"At that time (2005 to 2012) there was a building boom going on in Iqaluit, so we were caught up in that and prices increased over that period of time," Parsons said, noting the rebuild progressed only as money came in. The builder took on debt to make the final push to complete the project.
Built by NCC Dowland Construction, a partnership between NCC Investment Group and Dowland Contracting Ltd., the new cathedral opened in 2012. By this point, $7 million of the $10 million cost was raised, and Dowland agreed to let the diocese delay payment of the remainder. In 2013, Dowland declared bankruptcy and creditors demanded payment immediately. By the time the loan came to call, the diocese owed $2.65 million. This month, NCC Investment Group stepped in to help secure a loan for the current balance at prime interest rate plus one per cent.
"We're very grateful to NCC," Parsons said, noting the challenge of building in the North. "It's an awful lot of money (to do a project such as this). It seems almost ridiculous. I'm from Inuvik, where they just built a $120-million school, and it's a great school, but that's a lot of money. Unfortunately, it costs a lot, but we're using (our facilities) fully."
Broken down, the Freedom 2015 math does appear relatively manageable. If all 40,000 Anglicans in the diocese - which covers all three territories plus northern Quebec - gave $20 every Sunday, the debt would be paid by the third Sunday. Instead, the target is more than 75 weeks away.
To date, donations have come from outside the diocese, including non-Anglicans, from across Canada and from other parts of the world.
"Every bit of help, even from those who are just praying for us, is fantastic," Parsons said. "We appreciate everything. With God's help, we're going to be around to service even those who don't give towards us."
The fire and subsequent rebuild prompted the diocese to call on all buildings to be insured at replacement value. The original cathedral was insured for $700,000, Parsons said. Costs to insure buildings at proper values have added to the strain on those who give, he added.
