Since receiving a 30-day extension on its receivership until October, Artscape has been quiet about the future. Rintoul’s letter suggests mortgage owners will experience minimal changes, but residential and commercial leases may change hands.
After failing to receive offers for its $22.5 development, Toronto Artscape is insolvent and in receivership. Hundreds in the arts community could lose access to premium spaces and sustainable industry support.
For endowed foundations, where they invest has the potential to boost their impact beyond their granting — or work at cross-purposes with it. More information would help foundations make informed decisions.
The COVID pandemic has been tough on many organizations that own real estate, including non-profit organizations and arts venues. Experts say Artscape’s sale may result in yet another loss of space for Toronto’s arts community.
Ninety-eight per cent of Canadian businesses have fewer than 100 employees, making them ideal candidates for co-operative models. But entrepreneurs who’ve made the leap to collective ownership say more support and education is needed.
Libraries are increasingly having to deal with complex social issues such as homelessness, poverty and addiction as Canada’s existing safety nets strain under the weight of pandemic fall-out and austerity. However, libraries aren’t prepared to become a catch-all solution for systemic problems.
