March 18, 2019
On behalf of SAGE Properties Corp. (“SAGE”) and the Board of Directors (“Board”) of SAGE, we are pleased to provide you with an update on the following recent activities over the past few months.
FINANCIAL RESULTS FOR 10 MONTHS PERIOD ENDED JANUARY 31, 2019
Please be advised that these statements have not been audited or reviewed by SAGE’s auditors and are subject to change. The March 31, 2019, year-end financial statement audit will be performed by MNP LLP and will be presented to SAGE’s shareholders at the 2019 Annual General Meeting.
STRATEGIC PLAN UPDATES:
A. PRINCE OF PEACE LUTHERAN SCHOOL – SCHOOL PROPERTY DISPOSAL – NOTICE OF PUBLIC CONSULTATION
Over the past 18 months SAGE and Rocky View Schools (“RVS”) have been in discussions regarding the future of the Prince of Peace Lutheran School (“the “School”) including the possible sale of the building. In October 2018 RVS commenced a public consultation process to determine the future of the school and all stakeholders were encouraged to participate. During this period, RVS and Sage continued discussions on future of the school and on March 7, 2019, RVS announced that they agreed to enter into a five-year lease. On March 14, 2019 SAGE and RVS duly executed and delivered the final form of lease with an 18 month termination clause. You can read more about the process and the decision by visiting http://www.rockyview.ab.ca/consultation.
The Board is currently considering other alternatives with respect to the School’s disposal.
B. UTILITIES OWNERSHIP AND VILLAGE NEGOTIATIONS
SAGE and the Prince of Peace Village condo board (“the Village”) met regularly over this past summer and fall with hopes of working towards a resolution on outstanding issues, including the request that two easements related to the water utility be removed and replaced with a new easement written to better reflect the reality of SAGE’s utilities ownership and obligations as a service provider.SAGE and the Village are continuing discussions, and a court date has been set on April 5, 2019, requesting the discharge of the easements.
C. ALBERTA UTILITIES COMMISSION (AUC) – RULE 11 WATER APPLICATION
Since submitting SAGE’s draft water application in November 2018 to the AUC for preliminary review, SAGE has been working through the feedback that it had received and expects to file the application within the next coming months to set its future water rates.
SAGE is still working through the comments and conditions from Rocky View County that are specifically related to the waterline construction and the Master Site Development Plan.
Over the past couple months, the SAGE board approved and implemented a new board mandate and code of business conduct and ethics. You can view a copy of these documents by visiting www.sageproperties.ca
If you have any questions, please contact SAGE at 403-478-9661 or by email at info@SAGEproperties.ca
Sandra Jory, CPA, CA
SAGE Properties Corp