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
Teen was doing homework at family's Mississauga, Ont. restaurant when gunman opened fire: testimony
The 13-year-old sister of a young man killed in the attack on her family’s Mississauga restaurant in 2021 took the stand in a Brampton courthouse on Monday to describe the terrifying moments of coming under fire.
'Repetitive partisan conduct': Conservatives to force vote on ousting Speaker Greg Fergus
The federal Conservatives have advanced a motion that will force MPs to vote on whether to oust Greg Fergus as House of Commons Speaker, after MPs' deputy adjudicator ruled Monday that the Liberal member's allegedly errant partisan event invite required urgent attention.
Trial for B.C. man accused of killing, dismembering wife begins
The trial for a Langley man accused of killing his wife began Monday, with the prosecutor laying out a disturbing series of facts agreed upon by both Crown and defence.
Stars roar back to win Game 3 over Oilers
Jason Robertson's hat-trick goal midway through the third period broke a deadlock and proved to be the eventual winner as the Dallas Stars beat the host Edmonton Oilers 5-3 in Game 3 of the Western Conference Final to take a 2-1 series lead.
What a CBSA strike could look like, according to an expert
Slowed or interrupted travel, the passing of goods and significantly restricted borders should be expected if Canadian border workers take upcoming strike action.
WATCH Alta. man rescues wild foal trapped on steep cliffside
A man's daring rescue of a newborn wild foal that was trapped after falling down a steep embankment was caught on video over the weekend.
Severe thunderstorms, tornado watch in some areas of Canada. Here's where
Depending on where you live, you can expect to get a mixed bag of weather this week, as local forecasts predict heavy rain, strong wind, severe thunderstorms and even snowfall across some areas of Canada.
B.C. senior prepares to move due to devastating effects of fraud
A Courtenay, B.C., senior is downsizing and packing to move as she comes to accept she can no longer afford to stay in her home, after falling victim to a scam that robbed her of her life savings worth more than $100,000.
Israel close to approving Gaza reunification program before Rafah invasion: Miller
Immigration Minister Marc Miller says Israel seemed to be on the verge of approving a program to get Palestinian relatives of Canadians out of the Gaza Strip before the country's invasion of the town of Rafah.