More details released on Laurentian U’s plan to sell land worth $53.5M to the province
On Thursday, Laurentian University gave an update on a plan to sell $53.5 million of its real estate to the province, money that is being used to pay off creditors.
First announced in May 2022, the provincial government is buying 68.75 acres from LU, which represents approximately nine per cent of the university’s total holdings of more than 750 acres.
While the university will still have access to the land, ownership will go to the province. LU declared insolvency in February 2021 and emerged from the process last November.
Revenue from the real estate sale was used to pay creditors, who received between 14. 1 cents and 24.2 cents for each dollar they were owed.
Laurentian said Thursday it has established an agreement on a term sheet for the sale of real estate worth up to $53.5 million.
“This term sheet outlines a proposed structure for the transaction which allows the province of Ontario to purchase seven university parcels of land, allowing both parties to explore the potential transaction,” LU said in a news release.
“After due diligence, including consultations with Indigenous communities, specific assets will be confirmed for sale. The net proceeds of the sale will be used to pay the university’s creditors.”
The assets to be sold include five buildings, which would be fully or partially leased back to Laurentian or NOSM University:
- East Residence
- Vale Living with Lakes Centre and Watershed Building
- Northern Ontario School of Medicine
- Health Sciences Building
- Security and Maintenance Building
“The due diligence process will serve to confirm that public trails (including the Trans Canada Trail System and the Rainbow Route Sudbury trail network) are properly identified,” the release said.
“The university seeks to ensure continued public access to the trail networks and green space.”
“The university has been focused on exploring the transfer of certain real estate with minimal impact to the operations of the university and this term sheet will do just that,” Dr. Sheila Embleton, interim president, is quoted as saying in the release.
“I expect that the community of Greater Sudbury, who passionately expressed the importance of the trail system and green space, will be satisfied with what is outlined in the transaction.”
Negotiations with the province on the purchase and sale agreement should be completed by Nov. 28, 2025.
CTVNews.ca Top Stories
$500K-worth of elvers seized at Toronto airport
Fishery and border service officers seized more than 100 kilograms of unauthorized elvers at the Toronto Pearson International Airport on Wednesday.
Banking mogul suing government after intelligence leaks leave him shut out of Canadian economy
Chinese Canadian banking mogul Shenglin Xian has launched a $300 million lawsuit against the federal government. It’s a means to find the source of intelligence leaks which Xian says has cost him his livelihood.
Woman with liver failure rejected for a transplant after medical review highlights alcohol use
For nearly three months, Amanda Huska has been in an Ontario hospital, part of it on life support, because of severe liver failure. Her history of alcohol use is getting in the way of her only potential treatment: a liver transplant.
His SUV was stolen on Montreal's South Shore. Then he got a $156 parking ticket
A couple is frustrated after their SUV was stolen from Montreal's South Shore in March and they received a parking ticket for the same vehicle last week.
Evacuation orders lifted in Fort McMurray Saturday as rain dampens wildfire activity
Residents of Fort of McMurray who were displaced over wildfire concerns were told to return home Saturday.
Member of Israel's War Cabinet says he'll quit June 8 unless there's new war plan
Benny Gantz, a centrist member of Israel’s three-member War Cabinet, threatened on Saturday to resign from the government if it doesn't adopt a new plan in three weeks' time for the war in Gaza.
To plant or not to plant? Gardening tips for May long weekend
May long weekend is finally here, and with the extra time off you may be getting the itch to head out to your garden and plant. However, the old debate whether you should plant now, or wait, is still ever-present.
Serial sexual offender linked to unsolved 1970s homicides of four Calgary girls, women
An investigation into unsolved historical homicides from the 1970s has linked the deaths of two girls and two young women in and around Calgary to a now-deceased serial offender.
Scottie Scheffler, from the course to jail and back: What to know about his PGA Championship arrest
Two-time Masters champion Scottie Scheffler was arrested after police say he dragged an officer while trying to get around the scene of a fatal accident Friday ahead of the second round of the PGA Championship.