Proposal for Board’s ‘Back 40’ needs your input

The Board of Directors has approved in principle a proposal based on recommendations by our two Vacant Land Task Forces regarding the future of one of the Board’s key assets – the parcel of land we affectionately call ‘The Back 40’.

The Back 40 is 3.59 acres of un-serviced, residentially-zoned land situated at 10515 155 Street – northeast of the current Board office. For new members, our Board has owned this land since the early ’70s thanks to five forward-thinking members (all subsequently became presidents) who had the foresight to purchase it along with our first Board property next door (Sutton Premier’s office) when our Board moved from New Westminster to Surrey. They envisioned the potential for a legacy for Fraser Valley REALTORS® that could come to fruition in the future. How prophetic they were.

Over the years, the Board has considered many options for the Back 40, including developing detached or multi-family properties, developing a care home for seniors and more recently, partnering with Habitat for Humanity. None came to fruition. Once again, the question of what to do with the Back 40 came before the Board of Directors for review.

After considering 16 months of research and analyses by two task forces formed for this project, the Board of Directors recommends that the land be sold and all or the majority of the proceeds from the sale be used to establish a charitable foundation. Through the foundation, donations could be made to community and charitable causes across our region, in the name of Fraser Valley REALTORS®.

“Our mandate was to explore the best possible uses for the property that would provide a legacy value to the Board and its members and also serve the public,” explains Scott Olson, Chair of both Vacant Land Task Forces.

“We considered the costs and tax implications of numerous options including selling it, donating it, developing it or keeping it and we’re confident that this proposal is the best option for the benefit of Fraser Valley members and our region for decades to come.”

The Board of Directors supported the recommendation. Board president Jorda Maisey shares, “We believe this proposal has tremendous potential and we need to find out if members agree. Our next steps include looking into the logistics of setting up a charitable foundation and getting a sense of whether members are supportive during our October and November All-Member Breakfast meetings.”

Please plan on attending the All-Member Breakfast closest to you to hear more about this proposal and share your thoughts with your Board of Directors.