Turf Building - Member Information Session Summary

Thank you to all members who attended the turf building information session last evening. There were many very good questions asked along with valued feedback that served as a great reminder as to the importance of effective and timely communication; something we could have done better. It is also very important for members to understand the origin of the projected cost increases along with the results of not seeing this project through to completion. The meeting provided a great forum for two way communication and a broader understanding of member concerns. The presentation also provided better understanding of where the extra costs have been incurred and what step are being taken to mitigate future costs.

As a result of this feedback, we will be sending frequent correspondence over the next two weeks to help educate members which will assist them in coming to an informed decision on October 28^th. It will help give you an increased understanding of the following:

• What factors contributed to increasing costs from 1.2 million to 1.6 million.
• What limitations we have in value engineering the project at this point in time
• What the project looks like if we spend to the 1.2 million approved budget only
• Update on discussions with TD Bank and how they will influence the financing of this project
• Why the resolutions are worded the way they are
• What happens if we vote “no”

The one critically important point from the meeting is that members need to be current and fully informed, prior to formulating their decision. We encourage you to carefully read both what has been provided and the upcoming information. Please contact us with any questions you may have prior to submitting your vote, be that as a mail in ballot or attending or by proxy if you cannot attend the vote in person.  

For example: a very important question that was discussed was as follows:

What happens if we vote “no”? The answer is as follows;

• If the additional spending and financing is not approved, we will spend to the approved 1.2 million.
• We will be left with a shell of a building with electrical, mechanical and plumbing rough ins only.
• There will not be any plumbing, electricity or heat
• The parking lot and landscaping will also not be completed
• We are highly unlikely to get occupancy from the city of Pickering and we will not be permitted to use the building
• We also have a letter of credit in the amount of $250K with the City of Pickering which serves as insurance that we will build, what we said we would be build. It will not be returned to us and is applied against our line of credit value. 

Over the next few weeks and through to the completion of this project you can expect regular information and updates with the next one within a few days. In addition to that, please continue to feel free to discuss with Michael and I at any point.  

Sincerely,

Sean DeSilva

General Manager and Chief Operating Officer