Dear TLC Members,
In the four months since my last update letter TLC has experienced further successes and setbacks within the Companies’ Creditors Arrangement Act (CCAA). While going through CCAA has not been easy, the Board of Directors and I see a light at the end of the tunnel.
TLC has undergone a great many changes in the past two years including downsizing from offices around the province to one office in Victoria with just a handful of staff. Fewer staff means a reduced capacity to offer programs, but it also provides an opportunity to evaluate which operations are most important to the organization. This period of restructuring is allowing TLC to examine our fundamental goals, reaffirm our values, and define a sustainable size and workload.
The work of staff and the Board continues to be focused on navigating the demands of the CCAA process, managing the requirement to find homes for properties, ensuring that where there are charitable purposes that we meet those obligations, and realizing the wherewithal to pay creditors.
Selling any property that TLC bought or was given to hold in perpetuity is a painful and difficult thing to do. We have to find homes for properties that are in keeping with the heritage or conservation values that make the sites special. That means both assessing the particular property and discovering how to generate revenue while protecting those values.
On Thursday, May 15, the Supreme Court of BC approved the sale of a residential property in Sechelt. Obtained through a land swap this property has no conservation value. Already this year Keating Farm Estate and Eagle Bluff have been transferred to their new homes. In each case TLC has managed to see to the original purpose of our intervention.
These sales and transfers support TLC’s goals within the CCAA process; we are finding fitting homes for properties while realizing revenue to pay off our debts. Our efforts are providing results and we are pursuing every avenue to make this happen.
I am keenly aware of how reliant TLC is on others. We are part of the Land Trust movement, and our actions affect others in this community. We repeatedly see the importance of our partnerships and relationships. By necessity we are relying heavily on our volunteers. Whether we think of our covenants, Abkhazi Gardens, Ross Bay Villa, Wildwood, or any number of other sites, the work of volunteers is essential to our ability to service those precious properties.
On the horizon are more property transfers that support our goal to resolve TLC’s debt and find the best homes possible for some of our properties. Other means of creatively generating revenue are also being explored.
We are working with the City of Victoria to generate funds from Abkhazi Garden without having to sell the property on the open market. We are negotiating the transfer of the townhouse zoning to another site that can use extra density. If successful, we will be able to pay off the Abkhazi Garden’s mortgage.
We are actively in discussions with the District of Tofino regarding Monks Point. We are vetting offers on Wildwood Ecoforest and Maltby Lake, of which we own a 35% undivided share. As with previous sales in CCAA, these potential transfers must first be approved by the Supreme Court.
We are working every day towards being able to pay our creditors. This means finalizing the creditor claims and preparing a Plan of Arrangement to fulfil our obligations to lenders and suppliers.
Our accounting staff are also preparing for an audit of our financials which we plan to present to TLC Members at the Annual General Meeting on November 29. Please find enclosed the Nominations Committee Report from the Board. Successful nominees will be announced at the Annual General Meeting.
We strive to keep TLC’s membership informed as we continue through this process. Your support continues to encourage us. It was a pleasure to speak with some of you at the Town Hall Meeting in May. We were strengthened by the feedback from members who came out. Our membership support, both morally and financially, is the life breath of this organization and we remember that every day.
I would like to take this opportunity to thank you for all of your past support to TLC and to ask that you consider making an extra gift to support us in our current needs.
Please consider donating today to help TLC on our sustainable path forward.
You can quickly and easily donate online or by calling 1-877-485-2422. If you prefer to mail in your gift, please find our address below.
Our members, donors, and volunteers are vital to the success of our organization. We urge you to stay connected and engaged throughout our restructuring process. We continue to post regular updates on our website and value your feedback. Please send us your questions and comments via email at admin@conservancy.bc.ca, or by mail to our office in Victoria.
The Board and I look forward to seeing you at our Annual General Meeting and encourage all of our members to reach out with any questions or comments they may have during this period of transition.
Sincerely,
John Shields
Director of Operations
