THUNDER BAY – Seeing a price tag placed on the 110-year-old Finnish Labour Temple comes as a relief to Paula Haapanen.
As a director on the interim board of the Finlandia Co-operative, Haapanen said her group has been operating with plenty of uncertainty in recent weeks, after the previous board, the Finlandia Association, agreed to launch liquidation proceedings, facing more than $1 million in debt when COVID-19 struck.
“It’s a relief to have one less unknown on the list. The fact that we have a price, $599,000 to start with, and we know we have about 30 days to put in an official offer, I think that’s a good thing,” Haapanen said on Tuesday morning, standing outside the iconic white and blue doors of the world-famous Hoito Restaurant.
It’ll also give them time to get their finances in order.
A Go Fund Me campaign raised about $35,000 in seed money, but Haapanen estimated they’ll need well into six figures to secure a potential commercial loan. They’re also looking to narrow down potential tenants for the facility, which has been closed since March.
“We are working on making applications to larger investors for the hall to have bigger investments with bigger dollars so we can at least get the minimum funds to get a commercial loan through a credit union,” she said.
“Let’s be honest, the purchasing of the building is just the tip of the iceberg. It’s then the after that that has to be considered – how to start up the businesses that are going to be happening from the hall, the restaurant and the repairs that need to be done.”
Haapanen said there is plenty of work that needs to be done to bring the Hoito up to current standards, and an aesthetic refresh wouldn’t hurt, she added. Those repairs will also be well into six figures, she said, mentioning a $22,000 quote to fix the concrete steps in front of the building.
The co-operative bid is likely not the only one the liquidators, Grant Thornton, will see cross their desk before the deadline lands next month.
Haapanen said she’s heard of two or three other groups or businesses that are contemplating putting in an offer.
“I know that there are individual interests. I know there is another group interested, even from within the Finnish community. My main concern is that out of everyone or anyone putting in a bid, my hope is that it stays in the hands of the community,” she said.
“An independently owned business, if they work with the community, it’s OK, but it would change the nature of the building. I think this really belongs in the hands of the people that use it and not necessarily in the hands of an individual person.”
Whomever purchases the building will have to adhere to strict renovation and repair guidelines, as the Finnish Labour Temple has been designated a National Historic Site of Canada.
