STRATHMORE, ALBERTA (August 17, 2007) \u2013 The Canadian campus of Covenant Bible College (CBC) has been sold for $5.8 million to a Christian nonprofit organization that provides affordable housing to seniors, says Paul Lessard, acting president of CBC. The sale to EnCharis was completed earlier this month
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\nEnCharis plans to convert the Strathmore dormitories into affordable housing and will move its offices to the campus. Some additional office space will be rented to nonprofit groups. A planned church plant will use the campus\u2019s largest classroom as a meeting space.<\/p>\n
According to its website (www.encharis.ca), EnCharis was formed in 2005, and operates housing communities for more than 300 Alberta residents.<\/p>\n
The CBC board is excited to be able to sell the property to a ministry organization and for \u201ca very good price,\u201d Lessard says.<\/p>\n
The sale will enable CBC to pay off nearly all its creditors. The school closed May 31, citing excessive debt and sharply declining enrollment.<\/p>\n
The only remaining debt will be roughly $700,000 owed to National Covenant Properties. Steve Dawson, president of NCP, says he expects a future sale of the Windsor, Colorado, campus will cover the rest of the debt.<\/p>\n
NCP could have demanded all of the money it was owed but wanted CBC to be able to pay off all its other creditors first and to have money that will cover further administrative expenses.<\/p>\n
Lessard expects to remain on the payroll for at least several more months while a buyer is sought for the Colorado and Ecuador campuses. An accountant in Colorado also will continue to be contracted with until the properties are sold.<\/p>\n
A deal for the Colorado campus fell through in May, but significant interest continues to be shown by several parties, Lessard says. Some interest has been shown in the La Merced, Ecuador, campus but those groups have lacked sufficient funding.<\/p>\n
All of the former CBC staff have found employment or are close to doing so, says Lessard. He adds that he is unsure about his own plans.<\/p>\n