Save the Co-op - Terra Housing and Bob Nicklin

Our meeting with Terra Housing on July 12th had a surprise when Bob Nicklin of Affordable Housing Societies showed up unannounced. He brought a great deal of enthusiasm and experience and was very keen on reviewing our plans and looking into Unit #107. Stuart Thomson and Zimel Magallano of Terra Housing also showed up as scheduled to discuss our plans.

By this time we had received feedback from BC Housing about the roof work. Unfortunately their plan started with us having to pay several thousand dollars for yet another building inspection before any work could be done.

Stuart pointed out that repairing the roof would also cost most of the co-op's cash reserves and do nothing to improve our situation moving forward. Instead, it would help CMHC meet their goal of having us pay off the rest of our mortgage, then we would no longer be their responsibility.

This would leave us broke and without government support while not addressing our other issues:
- Unit #107
- Closed-off Decks
- Degraded Building Piping

Stuart's alternate suggestion was to keep the roof tarped for now and invest in restoring Unit #107 to a livable state instead. This would increase our revenue and give us a better financial picture when the time came to remortgage.

To help with this, Stuart and Zimel were going to contact Social Purpose Development (SPD) and apply for help developing a Capital Plan for the co-op's future. To pay for this project they were going to ask SPD for a deferred payment plan - the first of it's kind from SPD!

Moving forward this would have Aaron Webster, primarily Adrian Estergaard and Cherise Craney, work with Terra Housing on developing the Capital Plan.