I am so pleased to announce that we officially closed on Three Oaks Elementary School on June 26. How fortunate we are to be in a community where there is a demand to purchase old schools who served kids and educators well for decades and are now ready to be repurposed as apartment buildings, which we are confident will fill to capacity quickly. It's been a pleasure to work with Rob Buono, the buyer of both schools, through the many hurdles that selling old schools brings including Easements with AEP, Deed Restrictions, Inspections, etc. Rob is the owner of Granor Farm and is very community minded, so we are most fortunate.
If you drive by Chikaming Elementary School, you may notice the renovation has begun, as contractors are on site every day. Contractors will begin at Three Oaks Elementary very soon. Rob plans to renovate both buildings as simultaneously as possible and open them both by May/June of 2026. We are grateful for his vision and capacity to increase the housing supply in our area by renovating these wonderful old schools.
We are also grateful for the extra resources in our Facility Improvement Fund from the purchase of both schools. As reported earlier, Rob paid $380,000 for Chikaming and $400,000 for Three Oaks Elementary school, which will be used in the future to improve our current school facilities.