At the end of March "3 Orgs", The Estonian Credit Union, Estonian Foundation of Canada and Tartu College, submitted a joint application for Site Plan Approval regarding 9 and 11 Madison. Although the due diligence process, final budgets and financing for the development are not yet secured, the intent to purchase 9 Madison continues to proceed. The cover letter submitted by Bousfields demonstrates the commitment of the "3 Orgs", also referred to as The Estonian Group, by clarifying that: "The property at 11 Madison Avenue was purchased by the Estonian Credit Union, with the intent of assembling the two properties." That purpose seemed modified from the 2014 declaration where ETCU members were told: "The primary reason for acquiring this property is part of the Credit Union’s risk management to secure facilities for continuity of service and operations for its members in preparation for the anticipated re-development of the Estonian House, which is the location of our current operations." (link https://www.estoniancu.com/pre... )
This application submission is full of information regarding the development of the space, operations and the intent to compliment adjacent condo developments and neighbouring community. It is much more complete than the submission provided to the City Planning Department in regard to 954-958 Broadview and 72 Chester Hill. That application remains incomplete as of this publication.
Below EWR is providing links to documents for the 9 and 11 Madison application.
Kommentaarid on kirjutatud EWR lugejate poolt. Nende sisu ei pruugi ühtida EWR toimetuse seisukohtadega.
Hmm20 Apr 2018 09:19
This is pretty weird, because the EM shareholders have been told that the board is still in the process of 'due diligence', which was for determining if selling off the Estonian house and constructing a new building on Madison Avenue is feasible. We got the impression that the community consultations are not complete, they want to hire a parking consultant to figure out the parking situation in the area, and the funding is not secured.
So the application mentioned in this article indicates that they are jumping the gun and the 'due diligence' process was misrepresented to the shareholders.
another observer20 Apr 2018 08:30
What is this article trying to say? These are two different sites with two separate entities trying to accomplish their own goals. Madison goals are pursued by the Future Estonian house, 958 Broadview portion is being pursued by the Purchaser of that property. ETCU has abandoned plans to relocate in 11 Madison and is being purchased from them as part of the lot for the future Estonian House. This is common knowledge which has been discussed in every update meeting at the Estonian house. I am confused by the point of this article, maybe clarify?
