Nanaimo school district sells former elementary property
Nanaimo school district is selling off an old school site to a community group in Ladysmith.
The Ladysmith Little Theatre Society is securing a permanent home for its playhouse and the district gains $150,000 to put toward capital improvements at other facilities in a deal announced last week.
“We are very pleased that we have been able to make this arrangement with the theatre society,” said Jamie Brennan, school board chairman, in a press release.
“This has accomplished the district’s goal of selling properties it no longer requires for educational purposes, while at the same time supporting a valuable community-based organization.”
Since 2003, the theatre society leased the former Diamond Elementary School building from the district to use as a playhouse.
The district is taking an interest-free mortgage on the property for five years, to allow the theatre society time to raise money to pay off the mortgage.
A signing ceremony was held on Dec. 21, but the deal won’t be finalized until it has received approval from the province and the board passes a bylaw authorizing the sale.