Cathedral Financial Update

Dear Friends in Christ,

I am writing to share an important update about the Cathedral’s financial position and our ongoing arbitration with QuadReal (the company that manages Park Place) regarding our 99-year agreement that allowed Park Place to be constructed.

We are grateful to say that, through the arbitration process, we have been able to negotiate a partial payment for a portion of the 2024 and 2025 funds that are owed to us by QuadReal. This is a significant and welcome development. At the same time, the process is not yet complete. The arbitration itself continues, and our final arbitration date is set for June.

This partial payment allows us to address a number of pressing financial obligations that have weighed heavily on the Cathedral over the past many months. In particular, we are now able to:

   — repay the line of credit to the Diocese of New Westminster;
   — pay our outstanding legal fees;
   — restore the Cathedral’s Heritage Building Fund;
   — restore staff hours and make salary adjustments for current staff; and
   — resume some of the deferred maintenance that is so urgently needed on our Cathedral building.

This means that the Cathedral is now on much safer and more financially stable ground than we have been for some time. It is an important step forward. I am grateful to God for steering us through this difficult time.

At the same time, I want to make it clear: while this development brings real relief and renewed stability, the Cathedral’s ministries continue to be funded largely by the steadfast contributions—financial and otherwise—of parishioners. We still need the faithful support of this parish community. Your generosity, your prayers, and your commitment remain essential as we continue this work together.

I want to express my deep gratitude to all of you for your prayers, patience, and practical support during this difficult season. I also want to acknowledge with sincere appreciation the wise guidance and hard work of our negotiators, our legal counsel, the Trustees, Wardens, and Cathedral leadership, who have helped bring us to this point. Once the final arbitration has concluded, the Trustees will be in a position to craft a full budget to be shared with you, offering greater clarity and confidence for what lies ahead.

We are not at the end of the road yet, but we have reached a meaningful milestone.

I look forward to continuing to forward with hope, gratitude, and resolve.

Blessings,

Dean Chris