989 XFM

Province purchases remaining P-3 Schools, including three in the Strait Regional School Board

Government is exercising its contractual right to buy 10 P-3 schools from developers Nova Learning and Ashford Investments.
The price for the schools is $49.3 million. It is estimated that purchasing the schools will result in substantial savings when compared with renewing the leases for the next 30 years.
In the Strait Regional School Board, three schools will be purchased from Ashford Investments. Antigonish Education Centre, Bayview Education Centre in Port Hood & Dalbrae Academy, Mabou have all been purchased for a total price of 16 million dollars.
In 1998, the province signed agreements with four developers for long-term leases for 39 schools.  With the latest announcement of purchasing 10 P-3 schools, it formally ends government’s partnership with the four developers.  The province has purchased 37 of the schools, with another two surrendered or returned to the developer.  The total cost of purchasing the 37 schools is $215.9 million.