Here's an absolute ripper. They didn't have enough brans to call a halt when they found their developer was dodgy so they lent him $8mil of church money. That is, funds delivered to the central office by hard working parishioners through annual levies or 'assessments.'
Some stand out moments:
– WRMC approached BOMAR with a revised cost projection. The capital cost estimate had tripled, from $9.6m to $30.7m, and this resulted in an increase in the anticipated peak loan required from $14m to $32.3m. BOMAR approved an increased loan with various conditions.
October 2008 – prior to the signing of the Agreement to Lease and Contract of Sale of the land, the Developer was granted access to the site to commence civil works.
Can't you just hear the train wreck coming?
By the way, the Uniting Church is an amalgam of the Presbyterian, Congregational and Methodist churches.