SALE OF THE PARKING LOT

St John's will sell the parking lot plus 3 feet to Teron Inc for $1.8 million, as described below. Teron will build and sell or rent 119 one-bedroom affordable condominium units.

Financial arrangements:

• When the agreement is signed: $50,000 held in trust until sale closes.



• When the sale closes: $150,000 in cash; $800,000 first mortgage.



• One level of underground parking to be constructed and transferred to St John's (covered by a second mortgage of $800,000 at no interest).

Conditions to be met before the sale closes:

• Receipt of all municipal approvals, variances, transfer of unused density, etc.



• Design of adequate access to and exits from both the condo and St John's



• Assurance of structural integrity of St John's church



• Receipt of approval to sell from the Anglican Diocese of Ottawa

St John's:

• will approve exterior facade and exterior design



• can name the building



• members will have priority re purchase and rental of units

ARC invites you to a full presentation of the terms of the final agreement for the sale of the parking lot. Our lawyer, Janet Bradley, will be present to answer questions. In advance of this consultation ARC will make available, as of Sunday, January 25, documents related to the sale and to proposed renovations to the church. This consultation is to provide members an opportunity for discussion and questions prior to the special vestry meeting.

A Special Vestry to approve the sale of the parking lot will be held in the nave immediately following the 10:15 service