St. George\u2019s rector, the Rev. Donald Armstrong, said Tuesday he\u2019s optimistic that the church will pay off its debts within the next 60 days.<\/p>\n
\u201cWe are developing a (long-range) plan to once again have the sort of ministry and outreach for which we have long been known,\u201d\u009d said Armstrong, whose church lost the bid for the $17 million Tejon Street property and now meets in the Mountain Shadows area.<\/p>\n
On the other side, the Episcopal Diocese of Colorado spent $2.9 million to defend against the Anglican parish\u2019s lawsuit to take possession of downtown property, diocese financial records show.<\/p>\n
The legal expenses and a decline in the stock market resulted in a colossal loss in the diocese\u2019s investment income, dropping from $4.9 million in January 2006 to $750,000 in August, records show. It will take years to recover the funds, said Chuck Thompson, assistant treasurer for the diocese.<\/p>\n
\u201cWe had to sell stocks and bonds to pay the fees,\u201d\u009d Thompson said.<\/p>\n