These are truly exciting times at the Estonian House so the Eesti Maja team can’t wait to share their latest news. Some time has passed since the Special Shareholder Meeting and we’re happy to say that the Board and the Tulevik committee have put it to good use.
The Tulevik Team is working diligently and is making significant progress negotiating the formal contract with our development group Alterra. These activities are on track, moving forward, and look to be headed towards a favourable conclusion. We have spent considerable time with this stage of the negotiation as the document is very involved and complex. It is important to take all the time that is required at this stage to ensure that we get things right. We anticipate that the document will be fully complete and executed on or about the 15th of December. Once the agreement is finalized, a 60 day due diligence period for the benefit of the developer will commence. If Alterra waives their conditions, it will happen at the conclusion of the due diligence period and the New Estonian House project will be officially underway! This should occur near the end of February so there will be further Tulevik updates before that to keep you informed along the way.
Looking forward once the project is underway; we will be seeking help from our community. As part of the rezoning process, public consultation meetings will be held. We will be calling on our community to attend these meetings in force to voice their support for the project. At the same time, the design phase will also be initiated. Input from the community during this phase will be critical to the success of the new Estonian House. We hope that the community will support these efforts through attending events and volunteering their time to organize them. Again, please keep an eye out for future Eesti Maja updates as these events are scheduled and are outlined in greater detail.