Sale of Ballyconnor Court Campus
Tyndale University College & Seminary is pleased to announce that plans for consolidating operations onto their Bayview campus are continuing to move ahead with the sale of the 25 Ballyconnor Court property to the developers Shining Hill Homes Inc.
Over the last several months, Tyndale met with a number of parties who expressed serious interest in the purchase of Tyndale’s Ballyconnor property. All interested parties submitted expressions of interest and after much consideration, Shining Hill Homes Inc. was chosen. The sale will close in October, 2014 in order to provide Tyndale time to transition from the Ballyconnor campus to the Bayview campus.
Dr. Gary Nelson, President of Tyndale, stated, “This is an important step forward in our transition to the Bayview campus. The generous gifts received from Tyndale supporters and the funds received from the sale of the Ballyconnor property will finish the $58 million Uncommon Ground capital campaign, enable Tyndale to do some initial renovations, and complete our financial commitment in purchasing Morrow Park from the Sisters of St. Joseph of Toronto.”
As a publicly-accountable, not-for-profit institution of higher education, Tyndale receives no direct government funding of its operations. We therefore rely on private donations to make up the difference between the costs of providing a quality educational experience for our students and running the school and the revenues we are able to generate through tuition, academic fees, property rentals and other forms of revenue. While there have been many times that we didn’t know where the money would come from, we have been blessed over the years with sufficient donations to eliminate this gap and enable Tyndale to cover its full operating costs. This was once again the case in the recently completed fiscal year.
Thank you to all the faithful donors who support us. The need for faithful donors continues. In fact, the need is greater than ever. As we regularly seek God’s direction in forming and shaping Tyndale, we realize more and more the ways in which His provision of the Bayview campus is creating undreamed of opportunities to expand Tyndale’s mission. However, with the significantly larger property come higher costs in transitioning to and ultimately operating the new Bayview campus. And the Bayview property will need extensive renovations over the next several years to transform it into a first rate educational facility available to all. The capital funds received from the sale of the Ballyconnor campus have been allocated entirely to finishing the purchase of the Bayview property. Any residual amount will go toward the costs of renovating the new campus. Consistent with the founding principles of Tyndale set out more than 100 years ago, we are committed to a financially responsible approach to these capital renovations and will do them only as the funds are available.
— Bayview Campus photo courtesy of the Sisters of St. Joseph of Toronto Archives