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Ontario Region media release
 Previous release Media release index Next release May 29, 2008 Judge Colin Campbell of the Ontario Superior Court of Justice (Commercial List) ruled today that Thornhill Green Co‑operative and the Co‑operative Housing Federation of Canada (CHF Canada) need more time to prepare their defense against an attempt by the Region of York to force the sale of the Co‑op, at less than half of its market value to the Region’s own housing company. Thornhill Green is a 101-unit townhouse complex built in 1966 and converted to co‑op ownership in 1991. York Region put the co‑op into receivership two years ago because of concerns it had about the co?op’s governance and finances – an action that neither CHF Canada nor the co‑op’s Board of Directors believe was necessary or justified. Now, with the legal action to take over the co‑op, York Region has taken the final step in its efforts to close down the co‑op. Despite assurances from the municipality throughout the receivership that the co‑op would be returned to self-governance, residents learned just two weeks ago of today’s proceedings to attempt to sell the property. “The secrecy on the part of the Region and the hurried action – asking for a shortened legal timetable – were clearly designed to catch the co‑op off guard and leave it little chance of defending itself,” says Harvey Cooper, Manager of Government Relations for CHF Canada’s Ontario Region. Jim Common, a member of the co‑op’s Board of Directors and former Treasurer, acknowledges that the co‑op has had some problems that need to be addressed but points out that the underlying financial position of the co‑op is very strong. “We have millions of dollars in equity, received no subsidy whatsoever from the Region for five years, and York, in their court documents, have quite inaccurately overstated the financial problems. There is no question that we can easily deal with the financial issues we are facing and explore alternatives to deal with governance concerns,” says Common. “The case is of fundamental importance to co‑op housing,” says Cooper. “If York Region succeeds it will be a very damaging precedent, opening the door to the forced takeover of other co‑ops by municipalities wanting to expand their own housing companies at the expense of resident-controlled communities.” For more information contact: Harvey Cooper, Manager of Government Relations |
