$1M Donated To College For Kingsmill’s Deal
The London Downtown Business Association has offered to donate $1-million to Fanshawe College in an attempt to revive the school’s plan to purchase Kingsmill’s department store.
During an emergency meeting held today, the Downtown London board voted in favour of the donation, which would be paid up to $100,000 a year over the course of ten years.
Fanshawe had put a conditional offer on the Dundas St. building, dependent on $10-million being provided from the city. However, two weeks ago, London Council deadlocked on the issue, voting down a motion to provide the extra cash.
Downtown London Executive Director Janette McDonald says the economic impact of Fanshawe College being in the downtown core needs to be emphasized to council.
“It’s going to be so good for the downtown. It’s going to fill our vacant storefronts, people are going to be creating apartments,” says McDonald. “You’ve got 2,000 people down here every single day being clients for the downtown. We can’t lose.”
The college’s $66.2-million plan was to renovate the Kingsmill’s building into a second location for Fanshawe’s downtown campus and bring a total of 2,000 students into the core.
Downtown London will be bringing the issue to the city’s corporate services committee on August 26, in hopes of getting the deal back in front of city council.
-With files from Lisa Brandt