On March the 1st, 2019, the Diocese and the Holy Trinity Armenian Church announced the successful purchase of the AGBU property next to the Holy Trinity Armenian Church, located at 930 Progress Ave., Toronto, for $8.5 million.
This is a historic achievement by the Armenian Holy Apostolic Church, Canadian Diocese at large and Holy Trinity Armenian Church in particular. On November 11, 2018, at the special membership meeting held at the Holy Trinity Armenian Church, His Grace Bishop Abgar Hovakimyan, Primate, gave his blessings to the leadership and members of the Parish, to secure this property for the good of the Toronto Armenians and for the benefit of generations to come.
Short of a miracle, this purchase was spearheaded and successfully brought to fruition, by a handful of committed members of the Holy Trinity Armenian Church, namely Ohan Ohanessian, Jack Stepanian, Rosin Imasdounian, and Ara Boyajian who tirelessly worked under extremely tight timelines, headed by Rev. Archpriest Fr. Zareh Zargarian, Vicar of the Diocese of the Armenian Holy Apostolic Church, and Parish Priest of Holy Trinity Armenian Church.
Based on the resolution passed by the Parish membership on Nov. 11, 2018, and the expressed wishes of the Toronto Armenians, and the larger Armenian Canadian community, it was the unanimous decision of the Parish Council and the joint Diocesan Council and the Diocesan Board of Trustees, to approve the purchase of this property in strict accordance to the Bylaws of the Diocese.
This purchase was made possible based on the successful financing of the project by securing a five year term mortgage, using only this property as collateral, and registering the property in the name of the Diocese, as per the Bylaws of the Diocese.
The Diocese’s own feasibility study and the cash flow projections confirm that over the next five years, the Diocese, will head lease the premises, and be able to carry the property, including making the interest payments. This will also include any loss of income due to granting AGBU, the right to continue its operation and activities in the building, free of charge for eleven months, at absolutely no cost to AGBU.
The principal amount of the mortgage will be due in five years. This will provide adequate time for the Diocese and the Holy Trinity Armenian Church, to strategize and plan to undertake a much needed project, which will benefit the Toronto community at large.
This accomplishment presents huge and unprecedented financial and other challenges to the Diocese and the Holy Trinity Armenian Church. Challenges that are historic in proportions, that will require not only financial support from all our communities, but also require a new vision and a new sense of community building to meet the current and future needs of our growing Armenian community in Toronto.
We believe, together, we can build a stronger community, based on our collective vision of serving our present needs and preparing for the future.
Montreal, March 20, 2019