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Artscape announced in August that its primary lender TD Bank was taking steps to place the organization into receivership, at a time when the non-profit owed the bank more than $21-million
Court documents show the organization’s long-term debt reached $31.7-million by the end of 2022, and it ran a $3.7-million deficit from operations that year
After three decades of providing affordable living and studio space for artists in Toronto, Artscape set out to develop a new co-working and creative project called Launchpad. That’s when it all began to unravel
In a letter to tenants, COO Kelly Rintoul said that, subject to final negotiations, its management contracts and leases for sites not owned by Artscape would be excluded from the receivership process