About 18 months ago, I wrote to the community about the University of Alberta’s intention to move ahead with plans to form a land trust, an idea that has been under exploration since the 1980s. The goal of the land trust is to generate permanent, sustainable revenue sources that can be used to support the core activities of the university. Funds raised through the land trust will go into the university’s endowment and other initiatives that support the institution’s core mission.
In the months since that first communication, we have reached some important milestones.
In June 2014, the Board of Governors approved the establishment of the land trust, and in late February 2015, approval also came from the Government of Alberta. From there, the University of Alberta Properties Trust , Inc. was officially incorporated as of March 11, 2015. The founding board of directors was appointed, with 7 members with expertise in real estate and property development, community building and planning and 3 representatives from the university.
I write today with a brief update on recent developments. The UAPTI is in a period of relative inactivity as it will take time for it to become fully operational. The board of directors met on August 10, 2015 for its first meeting. The directors of the board elected its chair and vice-chair, as well as chairs for three board committees.
The UAPTI Board of Directors and their roles are as follows (in alphabetical order):
- Marc de la Bruyère, Chair of Planning, Development and Stakeholder Engagement
- Keith Fraser, Director
- Don Hickey, Director
- Kim Krushell, Vice-Chair
- Reza Nasseri, Director
- Cathy Roozen, Chair of the Governance, Compensation and Nominating Committee
- Don Sieben, Treasurer and Chair of the Audit, Risk and Finance Committee
- Jared Smith, Director
- Mary Paul, Secretary
- David Turpin, Director
- Ralph Young, Chair
The UAPTI will continue its examination of established trusts in Alberta and British Columbia, as they continue to create governing policy and operating processes. They also expect to develop a website to enable direct communication with all stakeholders soon.
Later this fall, senior administration will seek permission from the U of A Board of Governors to approve a list of potential lands that could in future to be transferred to the UAPTI. The designated lands have generally been identified through the U of A’s Long Range Development Plan. Once the Board motion is passed, the Board will send a request to the Government of Alberta for an Order in Council approving the potential transfer of lands.
The university will not move all of the landholdings requested in the OIC to the UAPTI at once. Senior administration will need to return to the Board of Governors to gain approval for each individual land transfer and its specific terms (i.e. long term lease or sale). This activity will unfold slowly over a decade.
I will continue to update you as this process unfolds.
Don Hickey
Vice-President (Facilities and Operations)