Former Saint Patrick's Alexandra school property sale moving ahead
Jono Developments Inc. will purchase the property from the municipality for $3,629,400
|Report an Error|
Share via Email
The sale of the former Saint Patrick’s Alexandra school property is moving ahead.
In a media release issued Thursday morning, the Halifax Regional Municipality said Regional Council had approved a development agreement between the municipality and Jono Developments Ltd.
This resolves a long-standing legal matter regarding the sale of the former school property.
“We’re pleased to have reached an agreement that satisfies both Council’s direction to move forward with the sale of the property to Jono Developments Inc. at fair market value, and settles an outstanding legal action regarding this property with the purchaser,” Martin Ward, General Counsel for the Halifax Regional Municipality, said in the release.
According to the terms and conditions of the property sale, Jono Developments Inc. will purchase the property from the municipality for $3,629,400.
The purchase price is based on the original agreement price of $3,000,000 adjusted to current market value.
A staff report will now be prepared to explore options for Regional Council to consider committing a portion of the funds from the sale of the site toward community space enhancements at the Halifax North Memorial Public Library.
The former school property, located at 2277 Maitland St. in Halifax, was declared surplus to municipal needs in 2011.
The council decision has been the subject of various legal proceedings with both Jono Developments Inc. and community groups since 2012.
The municipality said this settlement agreement with Jono Developments Inc. concludes legal proceedings with respect to the sale of the former Saint Patrick’s Alexandra school property.