The Land Conservancy is going to court today to ask permission to sell a Victoria lot next to Abkhazi Garden and a historic farm in the Cowichan Valley.
TLC is also anticipating a donor will cover about $50,000 owing on its Eagle Bluff site in the Okanagan. An owl rehabilitation organization leases the property to assist owls and other raptors.
The Victoria-based Land Conservancy has been in creditor protection since fall 2013. It holds about 50 properties throughout B.C. and owes creditors about $7.5 million. Any sales or land transfers require approval from a B.C. Supreme Court judge.
Wolrige Mahon Ltd. has been appointed as monitor to oversee its affairs and try to get the non-profit back on its financial feet.
TLC’s board is asking to sell the historic 27.5-acre Keating Farm in the Cowichan Valley for the listing price of $749,000 to a couple whose names have not been released. The buyers said they plan to “uphold conservation and agricultural values of the property,” states the monitor’s latest report to the court.
The Conservancy also aims to sell its lot on Foul Bay Road next to Abkhazi Garden for the listing price of $539,000. It has been used by TLC for parking. A sale would require the city of Victoria to lift the property’s heritage status, which was put on this site in error, the report said.
TLC spokesman John Shields said Monday that the monitor is also asking the court to grant a claims process order. This is a formal undertaking to clarify amounts owed and to provide a dispute resolution process if needed.
TLC has also announced that three of its directors are no longer on its board.
Alastair Craighead, TLC chairman since 2009, and Nitya Harris stepped down for personal and work reasons, a TLC statement said. Another board member, Mary Sanseverino, has finished her elected term.
“They have dedicated an enormous number of hours. TLC is a volunteer board and demands on the directors have been significant throughout the CCAA [Companies’ Creditors Arrangement Act] process,” acting chairwoman, Briony Penn, said in a statement.
“We understand that this level of support couldn’t go on forever.”
Craighead could not be reached but said in a statement: “We’ve all put in a great deal of time towards resolving TLC’s financial issues and putting the organization on a solid financial footing.”
Harris said, “We are looking forward to seeing TLC successfully come through this process.”
Lawyer Bill Pearce and accountant Joan Tarrant, who is experienced in auditing non-profit organizations, have been appointed to the board.
