EM board - negotiations with Tribute terminated, new LOI signed (7)
Eestlased Kanadas | 16 Sep 2015  | EWR OnlineEWR
On January 27, 2015 the Estonian House shareholders endorsed the ratification of a Letter of Intent (LOI) with Tribute Communities to proceed with the development of a new Estonian House. Following the ratification of the LOI with Tribute Communities, we have expended considerable efforts to reach a contractual agreement consistent with the terms endorsed by our shareholders. Our priority has always been and continues to be achieving a new Estonian House that will meet the needs of our community for the next 50 years. We are committed to accomplishing this in a financially responsible manner.

During the summer, while negotiating a formal contract, we encountered some challenges and were not prepared to make compromises that were not in the best interests of our community. Therefore, negotiations with Tribute were formally terminated.

As we progressed through the negotiations with Tribute, the Board learned a great deal about what kind of agreement would work for the community and for the Estonian House. Ultimately, the board is still of the view that:

- Doing nothing is not an option.

- Renovation is not an option, as the cost to renovate and the impact on users and tenants would be significant and the result would not adequately meet the future needs of the community.

- Moving to another site is not an option as there are no viable proposals on the table.

- Acting quickly is in the best interest of the Estonian House in Toronto, as we will be bankrupt if we wait any longer.


Fortunately, we have been able to negotiate and sign a more attractive LOI with another developer and will be presenting it on Thursday September 24, 2015 to our shareholders at an information meeting.

The information meeting will be followed by a special shareholder meeting on Wednesday September 30, 2015 to request ratification of the new LOI.

Both meetings will be in the Grand Hall of the Estonian House and will begin at 6:30 pm.

The new LOI is similar to the previous agreement and presents a similar redevelopment, but provides a more attractive deal financially with significantly reduced risk. We are very enthusiastic with this modified LOI structure and we look forward to pursuing this opportunity to build a new Estonian House.

The Board of the Estonian House in Toronto Ltd.

 

Viimased kommentaarid

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sharholder30 Sep 2015 14:16
V.A. hr. Laikvee,
You are are a respected member of our community and I applaud your perseverance on this matter, but the fact is, that Esto House has NO money to fund the extensive renovations required.
Heating, plumbing, electrical are all very inconsistent and unreliable. This is VERY expensive stuff to fix.
Where do you propose we get the millions from to fix / renovate the Eesti Maja?
Guido Laikve29 Sep 2015 07:21
The vote is NO ! There can not be a better LOI, agreement or proposal then retaining the whole ownership of the land and the Eesti Maja for the use by the community.
Renovation is not only an option, but the only logical way to proceed. There would be minimal impact on users and tenants and the results would be not only be adequate but superb to meet the future needs of the community. The EM would not be closed for 5 or more years, but remain in continuous operation. We would remain owners of our own land and EH for the next 50 years !
THE VOTE IS NO !.
aktsionaar16 Sep 2015 16:37
Loodetavasti on leping selle uue developeriga parem. Hea, et board ei läinud kergema vastupanu teed ja ei teinud lepingut lihtsalt sellepärast, et asjaga edas minna. Hea oleks teada, mille taha asi Tributega pidama jäi?

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Eestlased Kanadas