The Soto Mission of Aiea is aiming to begin construction of the Soto Mission of Aiea Activity Center in 2022. This activity center will be the home of the Taiheiji Adult Care Center, a safe, modern and affordable facility for our elderly kupuna. In addition, the layout of the new building will also include classrooms, meeting rooms, and a meditation hall to further support the community with new activities.
In partnership with the Hawaii Kansha Foundation, a private family charitable organization with strong roots to the temple, Taiheiji began the sale of the Legacy-Endowment Bond in January 2021. With an extremely generous gift of $400,000 from the Hawaii Kansha Foundation to get us started, we officially embarked on our journey in January 2021 to raise an additional $1,000,000 in investments needed to secure the project.
With the very positive and generous response from our Taiheiji members and supporters, we have raised $980,000! Collecting so much in investments was never seen as an easy task, and when compounded with the overall difficulties of the COVID-19 pandemic, I am extremely grateful to everyone.
With the news of us quickly closing in on our goal of raising $1,000,000, prospective investors have been rushing to purchase the remaining $20,000 in bond shares. We are very proud and happy to announce that an additional $155,000 in bond shares have been made available for purchase! This is made possible thanks to a handful of very generous and thoughtful people who have donated their bond purchases back to the temple.
When combined with the remaining $20,000 in bond shares, we now have $175,000 in available bond shares. The news of the additional bonds being made available for sale comes at a very crucial time in this project. In July, we received an updated construction bid price tag on the project. Due to the skyrocketing construction costs associated with the ongoing COVID-19 pandemic, the estimated cost has inflated to over $3,300,000. Taiheiji is continuing to work with the architects, engineers and various contractors to lower the cost to a more affordable amount through value engineering and various plan revisions. In the end, however reluctantly, we may need to introduce bank financing to cover the shortfall. But for now, Taiheiji will continue to work hard to improve its position with each bond sale.
We need larger bond purchases to effectively reach our goal, but all contributions in any amount will be greatly appreciated. Please note that the bond is being sold in increments of $1,000. Please also consider, as others have done, donating your bond investment back to Taiheiji as another way to help the temple.
I still believe that this project is the best chance we have that will create HOPE for the future of our temple. If you have not yet contributed to this project, your participation is needed now more than ever! For those who have already generously donated or invested in this project, I humbly ask you to encourage your family members, and friends to invest.
Let’s work together to create HOPE and a sustainable future for the Soto Mission of Aiea as well as for the betterment of the Aiea community.