The Toronto Star printed two letters March 5 responding to a feature on York's sale of land to Tribute Homes (Feb. 26) and to an opinion piece in response by President & Vice-Chancellor Lorna R. Marsden (York University opts for community over cash, March 3):

1. York alumnus Marshall Leslie, who has represented York University alumni on the main advisory council of the York University Development Corporation (YUDC) since 1986, wrote that while he is not privy to financial negotations, he had been able to observe the development process up close. "The Star implies that the University was either ignorant, derelict or both when establishing the value of the lands sold to Tribute. However, York first sold the property in question in 1989 for more than $2 million an acre and then repurchased it seven years later from a mortgage holder of the by-now bankrupt owner for $250,000 an acre – a significant gain," wrote Leslie. "The University – having sold, bought and sold again the same property – is well aware of the changing landscape of developable land in Toronto, and its value." Leslie continued: "The Star also implies that the planning and development process led by York's administration, its board of governors and the YUDC is secretive. Beyond what is a commercial necessity, the planning process for this piece of property began in 1985; its current version – commencing in 1998 has included many consultations, the work of several more consulting firms than those credited in the article, as well as public town halls."
   
2. Reader Brian C. McMurter welcomed York’s decision to conduct an independent review of the land sale. He wrote: "The board has an obligation to ensure that any disposition of such assets is done both in the best interest of the University and to ensure that the best possible price is obtained. The University was quite free to establish its goals when it sold the land. It is a simple matter to prepare a document that sets out those goals in detail, publish them where it will obtain maximum exposure and invite tenders from all interested parties." He added: "While Tribute is a fine builder with a good reputation, I am certain there are at least a dozen others who are capable of building such a community if given the opportunity. I respectfully suggest that the members of the board who were involved in this matter resign immediately."

From: "Marshall Leslie" <industrialarts@rogers.com>
To: OurTrent Editor
Subject: York University Land Deal
Date: Tue, 3 May 2005 23:10:39 -0400

The Editor:
I happened across your April 13th articles about York University's land deals and The Toronto Star's investigation (sic) in your online journal. You may also wish to present - for your readers attention - the letter-to-the-editor that I wrote; and which appeared in print on Saturday March 5th. Unfortunately, letters-to-the-editor do not often make it into the online version of that paper ....

While Mr. Justice Saunders' investigation of the allegations is being awaited, an entirely separate review of the Star's accuracy is also being carried out by its ombudsman. I remain confident of the outcome of both.

Marshall Leslie,
30 Elora Road,
Toronto, ON M6P 3H6 Canada
phone: 416-766-7873
email: industrialarts@rogers.com

Re: York University Articles February 26, 27

To whom it may concern:

Since 1986, I have represented York University alumni on the main advisory council of the York University Development Corporation (YUDC). Although this does not make me privy to financial negotiations, it has allowed me an opportunity to observe the development process at York up close. And to draw your readers' attention to several errors in your articles about the sale and development of surplus university land.

First, The Star implies that the university was either ignorant, derelict or both when establishing the value of the lands sold to Tribute. However, your writer failed to report that York first sold the property-in-question in 1989 for more than $2 million an acre; and then repurchased it seven years later from a mortgage holder of the by-now bankrupt owner for $250,000 an acre - a significant gain. The reason? The housing market crashed and starts plummetted 55%. The university has in fact been a close observer of the development market in the GTA for 20 years; so the repurchase in 1996 and the sale price to Tribute a few years later reflect the slow upward curve in land values; the uncertainty surrounding a site that many considered difficult to develop; and canny decision making by YUDC staff. The university - having sold, bought and sold again the same property - is well aware of the changing landscape of developable land in Toronto, and its value.

Second, although The Star casts doubts on several individuals in its two articles, no one who represented the university at the time of the three transactions and who participated in those negotiations - in 1989, 1996 and 2002 - was actually interviewed for the articles. I would think that any university journalism student should have done so.

Third, the chronology in the articles is wrong. Spending a little time in the archives of York's student newspaper would have set The Star right.

Fourth, The Star implies that the planning and development process led by York's administration, its Board of Governors and the YUDC is secretive. Beyond what is a commercial necessity, the planning process for this piece of property began in 1985; and it's current version - commencing in 1998 - has included many consultations, the work of several more consulting firms than those credited in the article, as well as public townhalls.

To answer your question: "Did York bungle a land deal?" I answer: "No". The Star bungled its research.

Marshall Leslie,
30 Elora Road,
Toronto, ON M6P 3H6 Canada
business: 416-766-7873
residence: 416-766-8886
industrialarts@rogers.com