Thursday, Sept. 22, 2016 (Halifax, NS) – Regional Council has approved a settlement agreement between the Halifax Regional Municipality and Jono Developments Ltd., which resolves a long-standing legal matter regarding the sale of the former Saint Patrick’s Alexandra 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,” said Martin Ward, General Counsel for the Halifax Regional Municipality. As per the terms and conditions of the property sale, Jono Developments Inc. will purchase the property from the municipality for the sum of $3,629,400. The purchase price is based on the original agreement price of $3,000,000 adjusted to current market value using property assessment growth over the elapsed time period. As per an approved motion during the Sept. 20, 2016, Regional Council In Camera session, 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 Street in Halifax, was declared surplus to municipal needs in 2011 and was subsequently listed for sale through a public Request for Proposal (RFP) process. Jono Developments Inc. was the recommended proponent following the conclusion of the RFP process for the sale of the property, which was subsequently approved by Regional Council in late 2011. The council decision has been the subject of various legal proceedings with both Jono Developments Inc. and community groups since 2012. This settlement agreement with Jono Developments Inc. concludes legal proceedings with respect to the sale of the former Saint Patrick’s Alexandra school property. Source: Release