With the receipt of the $700,000 certified cheque in favour of OCSCC 815 on October 28, 2015, the parties have exchanged comprehensive mutual releases with respect to all litigation, arbitration and claims heretofore outstanding between them. In short, the slate is clean.
We now go forward in a new working relationship with LaSalle Investment Management (commercial owner) governed by an amended Shared Facilities Agreement. This new agreement is the enduring prize from our focussed efforts since April 2012. Until now, OCSCC 815 has been burdened by an inefficient and expensive relationship management model and an abusive dispute resolution process.
Registered on title, the agreement assures OCSCC 815 that the model for the management of the relationship between our property manager (Capital Concierge) and LaSalle’s property manager (Colonnade Management) is articulate and comprehensive. It also employs an efficient and economical dispute resolution mechanism that relies on prompt independent third party technical adjudication in most cases.
The board of directors has decided that the $700,000 cash settlement will used to:
For the forthcoming Annual General Meeting, we have asked our external auditor, BDO, to present an interim audit of our books for the period from July 1, 2015 to November 1, 2015 that will reflect the distribution of the $700,000 settlement. You will also be in receipt of BDO’s formal audit report for the twelve month period ending July 1, 2015 at that time.