DOWNTOWN STUDENT FACILITY TRUST                              25 November 2003

      MINUTES OF THE THIRTEENTH MEETING OF DOWNTOWN STUDENT TRUST
      held on 25 November 2003 at 5pm at TSCA Offices, Nassau
      Campus, Trent U, Peterborough, Ontario.

P R E S E N T: Dwayne Collins, Marisa Barnhart, Catherine Dickinson,
               John K Muir, Matt Naylor, and Fraser Smith

Also Present: Derrick McIntosh

Notice of this Meeting having been made to all the Trustees, and quorum of the
Trustees being present in person, the Meeting was declared duly constituted
and called to order at 5:10 p.m., with Catherine Dickinson acting as Chair
and John Muir acting as Secretary.

The Chair made some opening remarks and discussion followed.

The minutes of previous meetings held on 13 Nov 03 were presented.

UPON A MOTION duly made seconded and carried unanimously the Minutes of the
Trust meetings held on 13 Nov 03 were approved as amended.

The matter of a general meeting to be scheduled for the end of January 2004
was brought forward as well as the matter of nominees to stand for election
thereat.  It was agreed that Dwayne Collins shall be appointed the Chair of
Nominating Committee.

Financing Report - First mortgage financing:
Work continues to secure a first mortgage.  Both chartered banks and private
lenders are concerned about the not-for-profit character of the
organisation.

Those that have been contacted include Wayne Rounding at Kawartha Credit
Union; and Gweneth Murray, who specialises in not-for-profit borrowers, at
RBC.  In addition, a mortgage broker has been contacted and Richard Taylor
has been making investigations on behalf of the Trust.

Financing Report - Down payment financing:
About $70k of the needed $130k has been pledged.  We are to pursue alumni
contacts and larger contributions.  It was suggested that we need to have
and recruit a Fundraising Committee.  Discussion followed.

UPON A MOTION duly made seconded and carried unanimously Tom Miller, was
appointed to Chair the Fundraising Committee.

We have been invited to send a letter to the TrentU Board of Governors for
their 28 Nov 03 Meeting.   Will we ask for their support and further
communication.

In addition the TCSA is to be approached for a loan of $10,000 and will be
furnished with financial projections and the Trust's prospectus.

Other Matters:
An article endorsing the Sadleir House project appeared in the Absinthe.

There was discussion of potential tenants and scheduling a walk-through for
them during the next inspection.

It was noted that we do have some OWSP hours and our TrentU account number
will passed on to the OWSP office directly.

The matter of Trustee availability during the holiday break was discussed.
All will be available or on call throughout the period.

The Trust will meet again at Catharine Parr Traill College, Junior Common
Room, on 08 December 2003 at 5 p.m.

There being no other business the meeting was adjourned at 7:05pm.

  ____________________________       ______________________
   Catherine Dickinson, Chair         JK Muir, Secretary


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