News out of Five Oaks this week which was shared with an unprecedented gathering of five separate Conferences of The United Church of Canada is that as of June 15, 2015 (possibly sooner) Five Oaks will be in such a precarious financial postion that it will have no choice but to close its doors and hand the keys over to a new owner.
Five Oaks has done some consulting with Edge's property management division and will require at minimum 1.3 million dollars over the next three years to pay for a feasibility assessment and bridge funding for staff to decide whether Five Oaks is sold and gets better than 50 cents on the dollar or whether it should rebuild.
The good news is that Five Oaks is routinely having to turn away paying customers because it cannot accommodate all requests.
The bad news is that renovation alone would not solve that problem. A new facility is required on the upper campus in order for Five Oaks to generate revenue needed to meet expenditures. The lower campus is restricted by GRCA because it is a flood plain which would limit rebuilding and renovation to some extent.
Currently Hamilton Conference Executive confirms that Five Oaks does have a viable vision for the future and we are exploring ways to free up $100.000 dollars towards the 1.3 million dollars over the next three years from existing funds. Hamilton Conference Executive may also bring to the Annual General Meeting of Hamilton Conference scheduled to meet in May 2015 further proposals to add to that $100.000 dollars.
Hamilton Conference Executive, London Conference Executive, Manitou Conference Executive, Bay of Quinte Conference Executive and All Native Circle Conference Executive were present for the same proposal from Five Oaks on Wednesday, September 10. I have not heard what the response has been from London, Manitou, Bay of Quinte or ANCC.