March 18, 2019
Dear Shareholder,
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.
D.SUBDIVISION
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.
BOARD MANDATE
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
Yours truly,
Sandra Jory, CPA, CA
Board Chair
SAGE Properties Corp