Say Yes For a Debt-Free Community

by Justine Frangouli-Argyris

And so, on Sunday, October 14th, we are called to a General Assembly of the Hellenic Community of Greater Montreal in order to vote on the sale of the Godin building for which a $10 million offer has been received.

As soon as the announcement was made, contrarian voices began to ring out against the sale, frivolous and irresponsible calls that leave me astonished especially since many have their origin amongst serious protagonists of our community.

The facts are as follows:

1.Currently, the property yields a paltry 1.6% ($158,000.00) while, at the same time, the Hellenic Community incurs annual interest payments of $800,000 on its debt;

2. The complex encompasses the historic J.-A. Godin building and a small hotel but the aging structure’s condition is unpredictable and indefinable, making for a nebulous economic calculation of the property’s value when it reverts back to the HCGM in 2053;

3. At a recent press conference, Mr. Trakakis stated that the HCGM has petitioned other potential buyers but to no avail, given the unprofitability of investing $10 million at 1.6%;

4.In 35 years from today, should rates rise (as is occurring presently), the HCGM will be facing even higher interest payments (for ex., $900,000 in annual payments).The Community will pay in mortage expenses from to today to 2033 up to $31,500,000 and even more;

5. There should be no consideration given to a sale exclusively to Greek hands, as has been mentioned, as any buyer, other than the hoteliers behind the current offer, Greek or other, will undoubtedly look to resell in quick order.

The arithmetic is sound. We are faced with the existential question of do we want to leave our next generation a community without debt or should we burden it with an HCGM mired in an endless debt spiral. 

Do we opt to sell the Godin complex (and, please, refrain from calling it “Holy Trinity Church” as there has been no Holy Trinity for 30 years now) and collect $10 million, here and now, or refuse this opportunity and risk the future of the HCGM itself.

And, of course, the debt of the HCGM is not as sinful as some people claim as the community center may have cost $3 million to build but is valued at over $30 million today. Those who are criticized for daring its undertaking did not drown us in debt, but, rather, left us with a highly prized and priced asset that serves as the nucleus of our community.

Now, at last, there is the possibility to free our community from the bonds of this painful debt. The children of our Socrates-Demosthenes schools cannot continue to live under the threat of a possible bankruptcy. For, as the community’s auditors have repeatedly pointed out, if the status quo is pursued, the day will come when the HCGM will be unable to repay its loan obligations, placing all its institutions and services in jeopardy.

The slogan “Do Not Sell Community Property” resounds very melodramatic. However, this sale must proceed, here and now, in order to rid the HCGM of its loan obligations.

The slogan should be “A Community Free Of Debt.”

That is why, on Sunday, October 14th, with hand in heart, and with an eye towards our children and grandchildren, we must vote YES to the sale.

Our community must survive and thrive, HERE and NOW!

As for any potential future investments in schools and homes for the elderly, it is not for us to discuss such scenarios at present. The next administration will be able to decide all this with its books free of debt and with $2.7 million on hand.

YES TO THE SALE OF THE GODIN COMPLEX! 

YES TO A COMMUNITY FREE OF DEBT!