9 Madison takes a step forward - Estonian World Review

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9 Madison takes a step forward (32)

Eestlased Kanadas | 21 Jan 2019 | Allan MeiusiEWR

In the last Estonian Centre updates our community learned that the parking lot at 9 Madison Ave had been acquired from Create TO (formerly Build Toronto). Although the announcement did not specify the new ownership structure behind the acquisition, a minor variance application to unite 9 Madison with 11 Madison has been submitted to the City. For those who are interested in urban development, the pertinent documents can be accessed through the City's Development Applications portal.

The cover letter included in the package has interesting information outlining the reasons the two sites are being united. From the third paragraph:

"At its meeting on November 29, 30 and December 1, 2011, City Council declared the property at 9 Madison Avenue surplus, except for a below grade strata to protect for the subway tunnel and an above-grade easement to protect this infrastructure; the property was then turned over to Build Toronto (now CreateTO) for disposition. The Estonian Credit Union, Estonian Foundation of Canada and Tartu College subsequently entered into an agreement of purchase and sale with Build Toronto to acquire and redevelop the property. The property at 11 Madison Avenue was purchased by the Estonian Credit Union, with the intent of assembling the two properties." (See the Cover Letter)

The purpose behind Estonian Credit Union (ECU) purchasing 11 Madison Ave back in February 2014 seems to have evolved over time, at least in comparison to how the purchase was originally characterized in ECU's 2014 press release.

Readers of the Estonian Centre's Due Diligence Report discovered that the Estonian Credit Union and the Estonian Foundation of Canada (EFC) joined Tartu College in June 2014 to start negotiating with Build Toronto to purchase 9 Madison. (See Page 22) Considering that 3 major organizations expressed interest to purchase 9 Madison Ave with an idea of hopefully joining the property with 11 Madison as early as 2014, verifies that there was long term planning behind the acquisitions. In 2014, that news could have come as bit of a surprise to Estonian House shareholders. Remember the "3 Orgs" were conducting negotiations in regard to 9 Madison during a time when the EHL board of directors were starting to investigate development opportunities for 958 Broadview with multiple parties; including Tribute and Alterra. Some may have wondered if the interests of ECU and EFC, as EHL shareholders with certain influence, could have had their attention divided with the redevelopment efforts on Broadview and the interests of the remaining EHL shareholders.

Hearing dates regarding the minor application for 9 Madison are to be announced.

Allan Meiusi, EWR Contributor

Viimased kommentaarid

Kommentaarid on kirjutatud EWR lugejate poolt. Nende sisu ei pruugi ühtida EWR toimetuse seisukohtadega.

Toomas03 Feb 2019 09:22

On page 16 of the May 2018 Due Diligence Report, the Estonian Centre Project Budget includes between $1,563,000 and $1,676,000 for Consultants, along with between $2,296,700 and $2,342,600 for Admin and Marketing.
Holy cow! It appears that the Consultants, Admins, and Marketing folks are being handsomely paid.
When these two Soft Costs are added together, they total between $3.86M and $4.01M - a significant portion of the overall Project Budget.
Are there Audited Financials that show expenditures to date, and can they be shared with Estonian House shareholders? That would go a long way to rebuilding some trust and transparency.

?29 Jan 2019 09:41

The ECU press release was signed Board of Directors. Who was on the Board? Who did not/did/should have known the 11 Madison property could not be used for the stated purpose of a branch of the bank nor the stated proposed interim use as rental property? Who was unaware/aware of city bylaws and wrote this press release? Who was the Chair? Where is the decision-making and the accountability?

About that parking lot28 Jan 2019 15:03

The newly formed Tartu College Asset Management Committee (AMC) headed by Jaan Meri (Peeter Einola and Tarmo Lõbu, members) would “follow, evaluate and make recommendations regarding the TC’s financial management and projects . . . .

According to Jaan Meri the AMC finds that “ ‘cash’ is king”. Applying this principle has already brought about savings. He explained at greater length problems related to the parking lot attached to TC, over which a dispute has arisen with the City. Under the terms of the current agreement the City wants to take possession for itself of the parking lot, which could bring it a potential income of $150,000-$200,000. Dealing with this has required hiring lawyers with higher qualifications, which is very expensive. The thing may even go to court.

In addition the AMC recommends getting on with renovating the garage, where there is corrosion. The cost is estimated at $300,000. About the same amount would be required for the recommended renovations of the foyer and main floor office space. Nor has the idea to build VEMU been buried, Mr. Meri showed the sketch.

In discussion Elmar Tampõld explained the problems related to founding the Museum of Estonians Abroad (VEMU), saying „the rug was pulled out from underneath it“, referring to the concern about the parking lot. It is not worth despairing, though, since Mr. Tampõld is working on the fifth variant of this project!“

From
Värskeid tuuli Tartu College’is
Eestlased Kanadas 25 May 2007 Elle Puusaag

“Komitee jälgib, hindab ja annab soovitusi TC majandusliku juhtimise ja projektide osas . . . .

Jaan Meri sõnul leiab AMC, et „cash on kuningas“. Seda põhimõtet rakendades ongi juba saavutatud kokkuhoidu. Ta selgitas seejärel pikemalt TC juurde kuuluva parklaga seotud probleeme, mille osas on tekkinud linnaga vaidlus. Praegu kehtiva lepingu alusel tahab linn parkla enda valdusesse saada, mis talle võiks anda potentsiaalset sissetulekut 150.000–200.000 dollarit. Asjaajamiseks on tulnud palgata kõrgema kvalifikatsiooniga advokaate, mis on väga kulukas. Asi võib isegi minna kohtusse.

Teiseks soovitab AMC asuda renoveerima garaazhi, kus esineb korrosiooni. Selle töö maksumuseks on hinnaguliselt $300.000. Umbes sama palju võib maksma minna soovitatav fuajee ja peakorruse büroo renoveerimine. Ka VEMu ehitamise mõtet pole maha maetud, hr. Meri näitas selle eskiisi.

Läbirääkimiste osas selgitas Elmar Tampõld Välis-Eesti Muuseumi rajamisega seotud probleeme, öeldes, et „vaip tõmmati alt ära“, viidates parkimisplatsi murele. Meelt ei tasu aga heita, sest hr. Tampõld töötab selle projekti viienda variandi kallal!

https://www.eesti.ca/varskeid-...