TIMELINE OF EIS OFFERS FOR WILDWOOD
People have been asking for clarification of the timeline for EIS offers. We are pleased to provide the following information.
1. July 24, 2015: EIS offers of $900,000: TLC initially rejects the offer, then takes months to deliberate, then signs in November 2015. Just before the December court date, significant donations to EIS fall apart, so the date is cancelled.
2. March 24, 2016: EIS regroups and offers $860,000, including a $170,000 take-back mortgage from TLC. TLC accepts, but time is needed to ensure the trust deed and covenant are completed and placed on title ahead of any financial obligations that might be incurred against Wildwood. Also, the allotted court time is deemed insufficient, so the date is cancelled. No fault due to either TLC or EIS. TLC allows the offer to expire May 20 despite an offer from EIS to extend it.
3. May 24, 2016: EIS again experiences donor issues and reconsiders the sustainability of the TLC take-back mortgage of $170,000, believing it would be irresponsible to place Wildwood at financial risk again. Offers TLC $675,000. TLC responds by cancelling the June 16 court date without warning to EIS.
4. July 4, 2016: EIS offers $700,000, with an expiry date of July 14. TLC Board requests an extension until July 23 to allow the offer to be considered at their board meeting. EIS extends the offer until July 23 at 5 pm. Approximately an hour later, TLC issues the news release announcing the sale to the private individual for $725,000.