Debt Retirement

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What was once a balance of $28 million on Grace Church's mortgage when moving from Edina to Eden Prairie in 2002 has now shrunk to $3.2 million, which means the end is in sight! Retiring the remaining debt will free up nearly $1 million a year for ministry, which doubles the current ministry budget and saves roughly $200,000 in interest charges.

Our prayer is that by September 1, 2019, Grace Church will be completely DEBT FREE!

We ask you to be in prayer about how you can help and as God leads, please make a commitment to finish what was started nearly twenty years ago. Imagine what impact doubling the ministry budget can have for the Kingdom of God.

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Debt Retirement Giving FAQs

What’s the current debt?

Our current mortgage balance is $3.2 million. This is the only remaining debt held by the church.

Why do we have debt?

After much prayer and planning, a vision was cast to move Grace Church from its original location in Edina, MN, to our current location in Eden Prairie, MN. This vision was realized in 2002 when the current building was completed. The land was purchased and paid for before the move, so debt financing was used to cover the cost of the building. While the majority of the debt was originally covered by faith promises from the church body, several circumstances resulted in a season of ongoing financial challenge. With a high-water mark of $28 million in 2002, the fact our mortgage balance is $3.2 million is a strong testimony to God’s mercy and blessing!

How long have we had this debt?

The original mortgage was initiated in 2002.

Why are we doing this now?

After much prayer, counsel, and planning, we believe God is leading us to complete this journey and eliminate our remaining mortgage debt in the coming year. As a sign of confirmation, earlier this year, we received an unexpected gift of $1 million. While the donors did not place restrictions on how we were to use this money, they asked that we consider leveraging it as a catalyst or lead gift toward debt retirement. Talk about confirmation!

Why is it important for Grace to eliminate this debt?

Once the debt is retired, we will be able to redirect almost $1 million per year from debt service to direct ministry investment while also avoiding several hundred thousand dollars in interest expense over the coming years.

What could we accomplish without the remaining debt?

With debt retired, we will be able to increase our emphasis on the following three priorities:

  1. Increasing the impact of the Gospel locally and globally
  2. Maintaining a strong commitment to biblical teaching and spiritual depth
  3. Making outrageous efforts to reach and disciple families and the next generation

Being debt free will also afford the opportunity to prayerfully seek the Lord and His vision for the ongoing growth and future direction of our church.

Should I redirect my current giving to debt retirement?

Ultimately, what you give and how you choose to give it is between you, your family, and God. Where possible, we would ask that your giving to debt retirement is above and beyond that directed to church ministries, missions, and our bridge fund, as the needs supported by these funds remains unchanged.

How can I give?

  • A special fund has been established for debt retirement, and you can give online by clicking the button for your respective location above.
  • Gifting stock to the church can be an excellent way to support this effort while minimizing your tax consequences on appreciated stock. To learn more about this option, visit
  • You can also give via or check by specifying “debt retirement” in the memo line of your check.

How do I find out more about getting out of debt personally?

Grace offers many great resources on managing a personal budget and overcoming debt, including personal financial coaching as well as nine-week Financial Peace University classes. Fill out this form and someone on our staff will follow up with you.

Do you have other questions? Contact Accounting at 952-224-3005 or .