Väino Einola: Estonian Centre Due Diligence Report May 2018
Progress with respect to the project has been communicated in detail and with transparency at numerous public meetings, through timely newspaper articles, and through information available on the Estonian Centre website, including a substantive due diligence report.
We have made decisions and acted in a manner consistent with both the vote of Estonian House shareholders as well as what we believe to be in the best interests of the Estonian community. We have acted responsibly and prudently, with the advice and guidance of consultants with impeccable, relevant and current day experience, which includes commercial property development, tax law, and finance.
This project is complicated, with many issues still to be considered and resolved. These kinds of uncertainties and risks are also a fact of life for anyone involved in the kind of property development which we are undertaking on behalf of the community. We have accomplished a great deal to bring the project to this stage. We have also been transparent in acknowledging that the project is not without risk, including financial risk.
Based on the best advice we have available, we believe these risks and uncertainties to be manageable and can be mitigated.
We believe that the Estonian Centre project is viable. We believe that the considerable issues remaining will be resolved and that a modern, vibrant and sustainable community centre serving the needs of the Estonian community for many years into the future will become our collective reality.
On behalf of the Estonian House in Toronto Ltd. Board of Directors and its partner organizations,
Veiko Parming
President, Estonian House in Toronto Ltd.
Ellen Valter
Chair, Estonian (Toronto) Credit Union Ltd.
Eva Varangu
President, Estonian Foundation of Canada
Jaan Meri
President, Tartu College
