Ok so I just came back from a meeting, still in progress, all about the Skydragon Centre and I want to update people on the basics.
They need roughly $270000.00 so that’s about 13,500 people giving $20 each in about 25 days.
(The $270000 is the morgage and about $25000 line of credit)
They also owe aprox $133000.00 on a second mortgage held by a private individual and owe about $80000.00 on bonds. These two areas don’t seem to be concerned with their money being returned.
The teacher’s credit union hold’s the mortgage and its aprox 8% also with the $133000. (I am unsure if this is normal or not)
How did they get there, essentially they hit on a perfect storm of their mistakes and the areas changes. Skydragon was late on paying provincial taxes (as well as other bills from time to time) this I believe affected their credit history so dispite their good payment history the credit union let them know they would not renew the mortgage.
Also during the meeting it was let out that Reardon’s Resturants lease was not renewed and that the parking lot across the street has been sold (this is rumor I don’t know how true this is.). If it is true, the recent sale of the Downtown Art Centre maybe part of a bigger picture.
Employees at the centre talked about the lack of transparency and others discussed selling the building and starting again. Some expressed anger about the situation and at times the conversation the issue of the Pan Am games influencing this issue. Others felt the gentrification on James St North had also played a hand.
What does the skydragon need? More time! It needs time to find either a alternative mortgage lender/ private individual or simply people donating money.
While I personally feel the skydragon did make many mistakes in terms of paying bills on time, etc. I also feel it is worth saving.
The skydragon has a a small handfull employees and for a non-profit I’m pretty impressed. They continually have events and contribute to the vibrant aspect of the downtown scene in music and in art. One of the few green cafe’s in the downtown area. Also if it goes I don’t think its coming back.
While I may not agree with their message or past practices to employees I think the net positive gain is huge. (If someone told me it was either skydragon or 500 jobs I would choose the jobs but I don’t think this is the case.)
What You Can Do?
Give $20 dollars to Skydragon if 13,500 people do it they can save it.
Email the Mayor, City Council and the Hamilton Spectator.
Please Click Here for the City Council and Mayor’s emails
The Spectator’s Letter to the Editor
Hamilton Mountain News
Also Radio stations like http://www.y108.ca/ and also a million other things I can’t remember right now….
(If I have gotten anything wrong I am sorry this is kind of a rush thing but with a lot of fact, please correct me if I am wrong)