DOWNTOWN STUDENT FACILITY TRUST                               08 December 2003

      MINUTES OF THE FOURTEENTH MEETING OF DOWNTOWN STUDENT TRUST
      held on 08 December 2003 at 5pm at Traill College JCR London Street,
      Peterborough, Ontario.

P R E S E N T: Marisa Barnhart, Catherine Dickinson, John K Muir,
               and Matt Naylor.

Also Present: Derrick McIntosh, Steward, and Scott Douglas

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., in a Wallis Hall seminar room, with
Catherine Dickinson acting as Chair and John Muir acting as Secretary.

The Chair made some opening remarks and discussion followed.

The minutes from the previous meeting held on 25 November 2003 were not
available and will be presented at the next Meeting.

03 Financing Report
Mortgage: It was reported that a private mortgage had been secured in the
amount of $550,000 from private lenders.  This amount takes care of the
original amount sought, as well as the proposed second vendor take back (VTB)
mortgage.

UPON A MOTION duly made seconded and carried unanimously the Chair was
authorised to execute the mortgage agreement on behalf of the Trust,
contingent upon the vendor's agreement to waive his VTB mortgage interest, and
to lift purchase offer financial conditions in the context of dealing with
this.

Founders' Loans:  We are still somewhat short of the target amount.  There
were reports of discussion held with a CUPE local, and the Trent Faculty union
Association.

04. Severance and Re-zoning Update:  Trustees were advised as to the pathology
and anticipated schedule pertaining to the severance and rezoning processes.

05. Insurance Update: Trustees were advised as to the nature of the insurance
market and our status as a non-profit organisation.  Insurance is being sought
in an ever widen  circle of sources.

06. Trust Matters:  The matter of Trustee recruitment was brought forward.
Discussion followed regarding prospects and timing, as well as what business
could be transacted at the Meeting scheduled for the end of January 2004.
Trustees were invited to attend to Mr. Taylor's office the following week to
discuss and determine the by-laws for the corporation to be incorporated.

08. Adjournment:
There being no other business the meeting was adjourned at 6:25pm.

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