Purpose: To obtain Executive direction whether to proceed with purchase of Lot 16 Osoyoos considering the amount of funds available to SILT, and the removal of subject conditions.

Issue: In June 2022, the Board voted that the SILT President negotiate fee-simple purchase of Lot 16 Osoyoos for a sum not to exceed $203,000 CDN plus applicable taxes and related costs. The property vendor subsequently accepted an offer of $203,000 CDN cash, along with several subject to conditions, some which allow SILT to terminate the purchase/sale agreement at its discretion by August 16, 2022. SILT must provide notice of subject removal to the vendor by August 16 or the agreement will terminate. Most of the subjects are fulfilled (see enclosed summary). However, the Executive still must decide whether SILT has sufficient funds to complete the purchase on September 15, 2022.

Discussion: The project has a total budget $264,405 cash and a firm closing date of September 15. SILT has raised nearly $126,000, leaving a potential shortfall of about $138,000. Two potential grantors, BC Conservation Foundation ($75k ask) and the South Conservation Fund ($101k ask) will not decide whether to contribute until after August 16. Should either grant be approved, or additional donations received before September 15, SILT’s potential shortfall will be reduced. Also, three other organizations have said they may provide ‘top-up’ funds totalling $35k to $65k should SILT require them.

Assuming the worst case, the Executive Director estimates the financial risk to SILT of deciding to proceed to completion with current knowledge is a potential shortfall of $100,000 to $138,000.

Suggested Approach: The Executive must consider SILT’s finances and pass a motion to proceed.

Motion: (moved by Gordon Wilson, Secretary/Treasurer)
That SILT remove all of its subject conditions by August 16, 2022, and proceed with the purchase of Lot 16.

Please vote below to either accept or reject the above Motion. Also if available, and you wish to second the motion, click on the "I Second this Motion" check box if you are voting in Favour of the Motion.