So work with me on this…. The public are being asked, in an election year, by a citizen who has had an ongoing fight over his developments with the Township of Langley (by his own admission), who is planning to run for Mayor (will decide this summer) to trust his public announcement with respect to his desire to set up an Eric Woodward Charity Foundation.
Mr. Woodward states that this foundation will be run by a Community Board of Directors, (for the most part) who will manage his property portfolio for the benefit of Community Charities and Causes.
Well here are a number of reasons to openly question his intentions:
Quotes from The Province Glenda Luymes August 12th, 2018
On Friday, Woodward said the sites, including three acres of mixed-use commercial and multi-family properties worth an estimated $18 million, will be transferred from his Statewood Properties Ltd. to the Eric Woodward Foundation over the next few months.
The foundation, overseen by a board of directors headed by former White Rock mayor Tom Kirstein, will take control of redevelopment. Woodward said he is not selling his property to the foundation, but he will be reimbursed for it. Future profits will go to local charities.
“will be transferred from his Statewood Properties Ltd. to the Eric Woodward Foundation over the next few months.” –
Question – Over the next few months? When exactly?
“Woodward said he is not selling his property to the foundation, but he will be reimbursed for it. Future profits will go to local charities.” – Not selling his property to the foundation, but he will be reimbursed for it? Future profits will go to local charities?
Question – What profits from where, read on!
In just a short review of the newspaper story, his Press Release and some investigation of the facts I have the following Questions?
- Indefinite? Used repeatedly – The definition of Indefinite is “lasting for an unknown or unstated length of time?” Example – Local charities and causes will become the beneficiary of all future development and indefinite rental profit related to three Fort Langley development assemblies on Glover Road between Mavis Avenue and 96th Avenue, which will be indefinitely overseen by an independent Board of Directors of mostly Fort Langley residents, for up to 100 years or more. Questions – Indefinite Rental Profit? What and for how long? Indefinitely overseen by an independent Board of Directors? Question – How long?
- Is the Foundation legally set up yet? If not how can the public have assurance that what they are told will be delivered? Would TOL staff or Council approve of a development without all pertinent and appropriate agreements and signatures in place? NO!
- What revenue will be available from the Foundation that the Board of Directors will manage?
- How many Directors will be on the Board of Directors of the Foundation? Who selects the Directors (should resignations occur)? What is the weight of each board members vote? Equal? Does Eric Woodward carry a Veto vote? (If so the Foundation is potentially nothing more than a tool to attempt to shield Eric Woodward from charges of a conflict of interest.) Are the Directors of the Foundation covered by liability insurance to protect them from lawsuits?
- How independent are the Board of Directors? What are their terms of appointment?
- They state that management will safeguard key principles for it’s management – What are those key principles?
- They state they will be publicly accountable.. – How, to who and for what?
- It is stated that it will take a short while to tie up all legal agreements… – So it appears the expectation is that this move of setting up a Charitable Foundation is based on trust with NOTHING IN WRITING, just based on verbal trust? There is too much riding on verbal trust.
- What is meant by causes? Who decides on what causes? Does anyone on the Board have Veto power over decisions of the Board?
- Debt on Eric Woodward’s property holdings? In researching the detail of Eric Woodward’s property holdings the best we could find is the following –
- There are 19 addresses pertaining to Eric Woodward’s Real Estate Holdings
- The assessed value of these holdings is just over $40,000,000.
- There are 10 addresses with Mortgages totaling just over $34,000,000.
- There is one property with an unknown mortgage amount but a monthly payment amount of $8,900. included in the following total.
- There are 11 monthly mortgage amounts totaling over $379,000. per month.
- NOTE – Eric Woodward would have the exact amounts.
Questions – Presumably there would be development of a number of properties? How will that affect the total debt of the Foundation and any potential for donations to the community? Or causes?
How will the existing debt affect the performance of the Foundation?
I am posing the above only because the greater community of the Township of Langley is being asked to accept and support a proposition on what appears to be a benefit to our community. IF it was just a personal decision by the proponent to form a foundation holding his properties there would be no need to announce it to the community, he or they would just do it, none of our business.
Unfortunately all of these questions are only relevant should Mr. Woodward run for Mayor this year which appears to be the case. As we see it if Mr. Woodward kept his property holdings as is and won the election he would have to recuse himself from any debate, discussion or votes on virtually anything to do with Fort Langley. (Conflict of interest) If he sets up this foundation as suggested under the overriding issue of him running for Mayor and he won, we as residents should be very concerned that there would be an attempt to absolve himself of any potential conflict of interest given the Foundation? Even though it was set up in the manner being suggested, with Eric Woodward very possibly holding a veto vote over the Foundations decisions.
As a resident of the Township of Langley I appreciate those in our community who are willing to set up Foundations designed to make our community better. Unfortunately this Foundation carries with it too many questions as of today that could have a detrimental effect on our community. Read the above very carefully, there is just far too much unknown before any endorsement of support is given by anyone in the community for the sake of the community.
If the proponent can have a foundation set up legally in writing which answers the above questions of concern that adequately answers in time 5 – 6 weeks BEFORE the election, GREAT!
Again, IF the proponent can successfully answer the above questions I am all over it in support.
Why should we care? Because Eric Woodward is making it a community issue, it appears at first glance to be an attempt to shield his properties from a charge of conflict of interest to allow for his run for Mayor.
RG
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langleywatchdog.... and more! 
Valid questions as always. I for one just want these clowns out of office. The probationary period they have been allowed has long expired. Time for new (less smelly) blood.
Just curious, did you make any effort to get any of these questions answered before you published them?
Ann, are you telling me that Eric somehow suggests my questions are out of line? Eric is the person making a public announcement asking for trust as I see it? It should be very easy for Eric to answer the questions and then I believe the community would be all over it. If the paperwork is done make it public, that is a no-brainer. Does Eric have a veto on the Board? There is an easy question to answer. I will say, if he does the whole thing is a sham but maybe that is not the case? Just checking?
It was a really easy question. You have no problem being inflammatory but you couldn’t be bothered to make even the smallest effort to find answers to your questions. It’s so easy to sit behind your keyboard and fling crap at others but so much harder to stick your face out there and take the crap being flung.
Ann, give your head a shake. I am not being inflammatory at all, I am asking common sense questions that any resident and VOTER in the Township should want to be answered. As a matter of fact Eric Woodward should of expected these questions when he made the public announcement of his Charity Foundation. His public announcement coupled with his teasing that he wants to run for Mayor makes all of this an item of serious public interest. Sorry, hiding behind my keyboard is NOT something I do, EVERYONE knows who I am. I am not hiding just asking important questions. I am not accusing anyone of anything, just asking!
Of course your questions are meant to be inflammatory and I find it a little amusing that you think you’re fooling people. The honourable thing to do would be to pick up the phone, ask Mr. Woodward your questions, then write a balanced report based on his responses rather than gossip and innuendo. I’ve corresponded with Mr. Woodward in the past and found him to be very responsive. Do I always agree with him? Maybe not, but at least I’m making decisions based on solid information. I challenge you to try it.
No, once again my questions are not meant to be inflammatory, they are an off shoot of Mr. Woodward’s public announcement on his planned Charity Foundation that ultimately will affect (good or bad depending on Mr. Woodward’s answers) the well being of the Township of Langley. I am sure Mr. Woodward knows where to find me and I invite him to answer the questions I am posing, again just common sense. Have a nice day.