October 26, 1998
Spring forward Fall back
Greetings once again after a most beautiful spring and summer here in Toronto, Canada. Let's just hope they are wrong about the winter we are about to have. (They're always wrong aren't they?)
Change Is Good
As stated in our previous newsletter we've completed some major corporate restructuring which will allow us to proceed competitively into the new millennium.
You may have noticed that Larry has taken a very visible role in tenant relations and leasing, while Steve has been primarily occupied with corporate matters and management of other projects. Lois is also very knowledgeable about tenant needs and is probably the person to talk to if you're a tenant that needs something done quickly.
We have upgraded our computer systems and are now year 2000 compliant; We are also setting up our new building maintenance software to process tenant complaints and to track work-orders, response times, parts, equipment, etc. This software will give us valuable historical information on the work done to each suite and each piece of equipment under our supervision.
Our new HVAC technician, Al Shah has been with us now since February and has proven to be a welcome addition to the Aldgate team. His extensive experience and upbeat, friendly attitude has made us all confident that he will be able to provide the excellent service our tenants require.
Not only have we been undergoing corporate and personnel changes, we have completed or are currently in the process of some physical changes at our Aldgate Corporate Centre office buildings, 2100 Ellesmere Road and 1200 Markham Road.
Work Recently completed:
Work in Progress:
You may also notice the gradual colour scheme conversion of our industrial buildings as well as the addition of new aluminum facia to cover up the old stucco at 1990 and 1960 Ellesmere Road. New front lawn directory signs have been installed at 2245 and 2247 Midland Ave.
1998 Realty Tax Nightmare
We have had many enquiries from our tenants regarding the 1998 taxes. It has been a confusing and difficult year for us. We have now had to revisit the issue for already the third time this year, as opposed to most years where we only needed to deal with the issue once.
The 1998 realty taxes that we have been billed from Toronto have gone up over 1997. As you know, this is because of the elimination of business tax which was previously paid directly by tenants.
At the beginning of 1998 we estimated what we thought this new combined realty tax would be and we billed our tenants accordingly.
Despite what you may have heard about the taxes going down, the City of Toronto, in its infinite wisdom, decided to cap the decreases or increases over a three year period. So because of this "phase-in capping", at locations where there might have been a decrease, the actual tax billed did not go down as much as it would have without the capping. It is my understanding that we won't realize the full savings for at least three years. (If ever).
In most of our locations the difference between our estimate and the actual 1998 taxes is not substantial. We therefor will not be making any adjustments to tenant payments now. Any credit that may be due for 1998 realty taxes will appear on our annual year end accounting of all of the common area costs. This is usually sent out in late January.
Know More Miss Steaks!
I have a spelling checker,
It came with my P.C..
It plainly marks four my revue
Mistake I cannot sea.
I've run this poem threw it,
I'm sure your pleased to no
It's letter perfect in its weigh;
My checker told me sew.
So if you see any typo's in this newsletter, blame it on technology!
We can be reached at:
2100 Ellesmere Rd., Suite 200
Toronto, ON M1H 3B7
ph: 416-431-9622
fax: 416-431-9797
Email:
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