Subject: Notes from Downtown Student Facility Meeting PRC TH#1 7pm Thu 20Mar03 Trent Student Facility Meeting - 20 March 2003 7pm. Five individuals gathered to discuss the consequences of the successful referendum result, to be confirmed by Sun, 23 Mar 03. *** Information subsequent to the meeting. A report received on Monday, 24 March 2004 from the TCAA Chief Electoral Officer, Christine Chan confirms a positive referendum result. *** Rough Notes: In regards to Sadlier House: * Information from a Trent Alumnus. A conditional offer by an unknown party was accepted by the vendor in December 2002. The offer to sell proposes a severance to the south along a line running westerly from George Street which is only four feet to the south of the main entrance doors, and does not include the garden area which extents about 80 feet to the south of the building. Conjecture was that the garden area would be subject to a severance application and rezoning to provide an opportunity to build low rise housing. The Trent Alumnus made an offer a day late - one day after the current conditional offer was accepted. This same source reported that the building is in good shape, esp. the front of the building. There is a new gas boiler furnace, and the whole building meets current fire and building codes. Electrical wiring has been upgraded, and the building is well wired for telephone and CAT5 (ethernet). * Information from Lisa Brown - Trent graduate, REMAX agent - The property is still listed for sale, thus TSF will need to deal through an agent. - The accepted conditional offer came through a Century 21 agent - current status is that it is awaiting rezoning and severance permission, The closing date us 15 July 2003 with 2 week hold over to the end of that month. - Derek Green (REMAX) is the listing agent (with Ron Whetung) * The Trent Student Facility has a use that conforms with the existing zoning/designation * Application most likely has to have been made for rezoning to have the deal completed for July (if don't have designation, can't apply for rezoning). However, it seems that those 300 feet from the property haven't been notified. Need to look into this. (Talk to Kevin Duguay - Ptbo City planner. (Malcolm Hunt is head) *** information subsequent to the meeting *** An application for rezoning has been made, the deadline to file opposition was 21 Mar 03. Property owners in the area have so filed. *** * It was agreed that TSF should work towards a "lease to buy" (and not a "lease with an option to buy") - providing enough time to work out glitches and more time to get things in order for closing, purchase, and severance. This also guarantees the securing of the building at future date. * Trent Student Facility can make a conditional offer upon non-performance of the current conditional offer. * Trent Student Facility is interested in purchasing the garden space adjacent to Sadlier House * Note that the building encroaches one foot onto City property along its westerly extremity. * Lease to buy: This could be one or two years (one is more attractive for the vendor; two allows for the Trent Student Facility to further organize) * Will require $100,000+ for down payment. * It was reported that at least four prominent Peterborough and Trent individuals are prepared to donate with a tax receipt. This funding will be within 50,000-100,000 * Further funding will be sought, including within the faculty body (although the faculty donated a much of their monies to the legal challenge, $200,000, it is expected Sadlier House should be able to raise that much total) * There will also be costs associated with renovations. $125,000 est. Ideas for financing * Mortgage of $350,000 at 5 year term (fixed rate for 5 years), 20 year amortization * Bank of Montreal - institutional lender * 5.45 mortgage rate, quoted a few weeks ago payment: $2,465 per month without taxes * see if numbers work, try to get a better rate and accelerated payment plan (payment 12 years) Offer * Conditional on financing * Severance (could be a longer term because of the lease) * Conditional on all approvals by the City of Peterborough and regulatory bodies (e.g. city letter, use conforms) * Conditional on building inspection (have talked to T Ethridge) * Could make conditional beyond the non-performance ... satisfied in August * If financing is in place, it strengthens the offer. Regarding financing, it is believed that will give a letter pending performance Other points: * It is believed that the vendors are Frank or Darryl? Maloney * Note: the levy will not be provided until September * The listing provide no vendor information - disclosure form is blank - this requires Trent Student Facility to be very careful as the vendor is playing their cards close to the chest. * A deposit of $5,000 may be enough. * Get tax calculation and PUC statements * GSA and TCSA have no official role --- Next Steps: 1. The group will be called 'Trent Student Facility' 2. Lisa Brown will be approached to be the real estate agent and to prepare a conditional offer on behalf of TSF. 3. Richard Taylor will be approached to be the lawyer and to review the conditional offer prior to presentation. 4. The working mission and character of TSF shall include the following; To purchase an existing building in the City of Peterborough close to a Trent bus route to create and operate a non-profit, cultural and educational student facility. sponsored and operated by the students of Trent University to be shared with the community as a whole and governed by an independent Board of Directors? A majority of this Board shall be enrolled students of Trent University, and shall be drawn from among the student body, the organisation's volunteers and the community at large. The facility may include provision of rental accommodation, meeting rooms, offices, dining areas, and performance space. To establish secure funding including the creation of an annual $22 levy from the fulltime students of Trent University indexed to the Consumer Price Index. 4. Minutes will state business of the meeting 5. a) A bank account will be opened, financial statements prepared, and signing authorities defined. b) Note: there is no protection for the individuals forming the group and preparing TSF for incorporation, until TSF is incorporated. Membership of the group will remain anonymous for now. 6. Nuances of the deal ?? 7. An offer will be drafted and presented next Friday to the group for review so that an offer can be made in just over a week. A deposit of $5,000-$10,000 will have to be found to be included with the offer. 8. Steps will be made in putting into place governance * Papers for filing for non-profit without shared capital * Application for charitable status to Trustee of Ontario (will cost $500) * Letters Patent * By-laws 9. Next meeting will be held Friday, March 28th at 7pm PRC TH #1 * Further individuals will be invited to the meeting The meeting ended at 8:50pm.