Historic Banting Property Saved From Developer

"We're overjoyed; we've taken our victory laps. This is a great victory for all Canadians," he said Thursday from the homestead. Mike MacEachern, mayor of New Tecumseth, said the town will have to raise a substantial amount of funds in order to pay for the property and desperately needed maintenance on the buildings. The deal includes a $50,000 deposit for the property, followed by $150,000 upon closing of the deal, $200,000 on the first anniversary of the deal and $200,000 on the second anniversary. The property can only be used for public purposes and operations related to the historical context of the land. If the Banting land is sold for profit within 25 years from the date of closing, the OHSF receives "85 per cent of the proceeds in excess of the purchase price net of all transaction costs, including taxes." The home was bequeathed to the OHSF in 1998 when the last family member to own the farm died. A feud erupted after allegations emerged that the OHSF had let the property fall into ruins due to neglect. . . . http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20080124/banting_home_080124/20080124

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