Why was the $42 million from the sale not enough to build the new seminary and college?
The sale price was the result of a complex negotiation process by an Archdiocese committee and the Alberta government over several years. The final settlement was based on an appraised value of the original buildings and site. The committee did the best they could do at the time to get $42 million. We knew at the time that the seminary and college needed work. It was estimated that at least $6 million was needed to replace the boilers and to comply with an order to tie the out-of-date septic system into the municipal sewage system. When the property was sold and before detailed plans were available, the $42 million was thought to be sufficient to relocate the facilities. Once the property was sold, we were on a very tight timeline to move off the site. If you remember back in 2007, the construction industry was very busy and all construction prices were increasing rapidly. During the time the seminary was being planned, costs were going up one and one-half or two percent per MONTH. As
