The will have to wait at least two more weeks to hear its fate.

At a meeting on Tuesday, Sept. 3, council deferred the financial ask and new lease request from the Historic O'Keefe Ranch Society, as it received new financial information that they need to review. 

In a new document sent to council by Vernon administration, staff outlined five scenarios where council should proceed to "guide discussions moving forward." The city and society are currently bound together by a 30-year lease that will end on March 31, 2027. 

1. Business as usual ($1,732,444): City agrees to additional funds requested by O'Keefe Ranch to meet their immediate cashflow needs. The immediate impact would mean that ongoing potential requests for additional funds with limited oversights will occur.

2. Notice of breach ($588,444): Based on O'Keefe Ranch's failure to perform obligations under the lease. The impact would mean potential legal costs and the deterioration of community relationships. The society will most likely declare bankruptcy or go into receivership before city could take over assets. Debt would remain with the society and creditors would be paid cents on the dollar. 

3. Cease operations now ($594,207): City would request the society to terminate operations and hand over the keys. The city would then agree to pay off debts and return to operational control of the ranch. The impact would be that revenues in 2024 would be lost as well as grant revenues for not keeping students employed during the required term. The society would be left intact and community relationships are honoured as well as businesses being paid 100 per cent of what is owed.

4. Wind down and reorganize ($1,042,944): City would request the society to wind down and reorganize under lease amendment with new terms to be determined. The impact would mean that 2024 high profit margin events could be completed. There would be no impact to grants for students and businesses can be paid 100 per cent of what is owed. Costs and operations will be pared down until new stakeholders are brought in and new terms are finalized.

5. O'Keefe Asks ($1,832,444): City would agree to the terms set out by O'Keefe Ranch on their website. For reference, were that the city commit to $200,000 operational funding for each until a new lease is completed or the current lease ends, city covers costs of insurance for city-owned assets until a new lease is completed or current lease ends, city complete capital expenses required for the society to continue operations and city complete work required for the mansion prior to winter, which is either restore heating to the building or confirm the contents of mansion are okay with no heat. 

Options one, three and five are seen as a high financial impact for taxpayers, with option two being the lowest financial impact but "jeopardizes the society's ability to continue operations." The society would currently be insolvent if city demanded repayment of its debts, which is $155,444 for unpaid insurance and $70,000 in a non-interest-bearing loan. 

The next council meeting is scheduled for Monday, Sept. 23 where council is expected to make a decision regarding the ranch.