Estonian Credit Union, Estonian Foundation of Canada, and Tartu College have together entered into a Letter of Intent (LOI) with Build Toronto, the City of Toronto corporation responsible for selling surplus municipal property, to buy the parking lot at 9 Madison Avenue. This milestone is a huge accomplishment for our small community and presents for us a very real opportunity to contribute to the fabric of our city and the sustainability of our community. We now have a window to build a signature community facility on Madison Avenue. This property is located between Tartu College to the south, and 11 Madison Avenue, owned by Estonian Credit Union, to the north. Reaching this LOI agreement has required considerable negotiation, planning and work to ensure that our community had a viable option should development at 958 Broadview not be able to proceed.
This Madison opportunity is complex. It is only viable through the sale of the existing Estonian House property and using the proceeds to finance the new community and cultural centre. As this new development proceeds, Estonian Credit Union, Estonian Foundation of Canada and Tartu College will support the Estonian House as it continues to serve the community until the new space is ready and firm transition plans are in place.
The Estonian House Board views the LOI as a step forward to a financially and logistically workable solution for a new community and cultural centre. We fully support the Madison opportunity and look forward to recommending this to our shareholders. We hope to make the transition to consolidate a smooth one. During the coming months, the Estonian House Board, along with the other Boards of Directors, will inform and engage with the broader community and the Estonian House shareholders. We are grateful to all organizations and community groups who help keep the building looking fresh and useable as we will need our current space for a few years yet.
Much work remains to be done. The Estonian House, Estonian Credit Union, Estonian Foundation of Canada, and Tartu College, are unanimous in their commitment to work together. Together, our community can secure a viable space to provide for our needs, to showcase our culture, and of which we can all be proud.
There will be a town hall meeting on March 29, 2017 at 7pm in the Grand Hall at the Estonian House in Toronto, for the community to learn more about what this project needs to become a reality. There are many questions to be resolved and we are committed to finding the solutions to make this work for the community. To see the vision: www.estoniancentre.ca
The Boards of Directors: Estonian House in Toronto Ltd; Estonian (Toronto) Credit Union Limited;
Estonian Foundation of Canada; Tartu College