Tag Archives: Teacher’s Credit Union

EMERGENCY-SKYDRAGON MAY CLOSE!

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)

Times are changing?

Ok ok I know the news is crazy Facebook Privacy issues? Michael Jackson? oh man the world is a crazy place! However in terms of James st I guess the big news is the fact the old Hamilton Hotel has been bought up by a group of sorta wealthy people with a plan to redevelop it. While I applaud their desire to improve the area while attempting to make a buck, I am not sure if either will happen. They plan to invest a million dollars into fixing it up and plan on rent at around $400-700 no offence to them but I think its decieving to say they are renting to artists/creative types. I am guessing they are basically speculating on ViaRail/ GoTrain station to pop into the end of james st. Well eventually anyways. To equate this to being noble or for some sort of lofty goal is terrible, I like my captalists like Donald Trump not the Richard Branson model. (ie:unabashed) Well good for them and good for Jeremy at the ICCA hopefully some decent jobs or apartments come about because of it. Also I will be happy to see it done, also I will be very excited to see the proposed Acclamation condo/store front place done I guess check out the Skyscrapper page for scoops on that front…

Spectator image from the article linked above

Spectator image from the article linked above

p.s:some enterprising people in Hamilton are also taking about something a little closer to my heart…..