July 21, 2024

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Here is the newest on Quest University’s condition

The Squamish-dependent establishment reported earlier this 7 days it would indefinitely suspend educational programming after April.

Fewer than 24 several hours immediately after announcing it would shut indefinitely when its academic year ends in April, Quest University is for sale.

“Operating university with considerable enhancement probable,” reads the flyer from NAI Business associate vice-president Marshall MacLeod.

MacLeod explained the inquiring cost is confidential and matter to a non-disclosure agreement for a severe bidder.

The B.C. Assessment Authority valued the land at $15.08 million and buildings at $54.168 million in 2022, for a full $69.256 million.

The campus and sportsplex occupy 23 out of approximately 55 acres.

“Currently, a single authorized title (whole lot 1), at the time subdivided, the remaining land will deliver for an estimated 38 acres of gross progress land for a quantity of discovered makes use of which incorporate market and non-current market housing, business progress, university uses, general public elementary university and park determination,” states the NAI Industrial flyer.

MacLeod explained the sale had been in the performs for a whilst. The underlying facts for the electronic flyer said it was at first produced Oct. 5, 2022.

Primacorp Ventures Inc. paid out $43 million for the land and university properties to rescue Quest College out of courtroom security from lenders in December 2020. Quest sought protection in January of that 12 months immediately after its biggest financial institution, the Vanchorverve Foundation, demanded repayment of $23.4 million. Vanchorverve is a person of dozens of charities registered by Vancouver attorney Blake Bromley.

Primacorp lately discontinued its arrangement to give extensive pupil recruitment, marketing and advertising and fundraising providers to retain Quest likely.

Quest reported Thursday that it designs to restructure finances and functions, but did not present an estimated timeline. Quest claimed it had been in search of added funding to carry on outside of April, but “the board concluded that it had no option but to make the dependable final decision it has at this time.”

“The board’s initially precedence is to shield our latest and potential learners,” said the assertion. “It is not well prepared to go on supplying our impressive programming if the college are not able to confidently supply the total 2023-24 academic 12 months.”

Primacorp, beneath chair Peter Chung, expenses by itself as Canada’s most significant company of non-public submit-secondary education and learning, with 15,000 yearly enrolments and subsidiaries in seniors’ housing, industrial actual estate and self-storage in Canada and the U.S. Requests to job interview Chung have not been fulfilled.

Quest president Art Coren has not responded to repeated interview requests. It is recognized that staff layoffs are already underway. Coren advised The Squamish Main Friday, Feb. 24 that the college would reach out to stakeholders and donors to come across a way to resume classes and courses.

In November 2020, then-Squamish Mayor Karen Elliott expressed “grave concern” more than Primacorp’s takeover.

In her prescient statement, Elliott explained the offer with for-revenue Primacorp created “an uphill runway that will make it challenging for it to be practical.”

As of 2022, additional than 1,000 learners had graduated from Quest. It experienced an estimated 200 students to begin this year. The Quest website suggests it charges Canadians $23,000 and non-Canadians $38,000 for yearly tuition. Home, board, travel and other expenses are believed at $15,000. 

B.C.’s Ministry of Article-Secondary Education and learning and Potential Skills mentioned Friday that it will make learners total if Quest University doesn’t, after the Squamish university declared a day previously that it will close indefinitely when its academic 12 months finishes in April.

The private liberal arts and science college that opened in 2007 gets no funding from the ministry, but the province’s role is to make certain programming top quality and college student safety.

“The ministry holds a fiscal safety from Quest College to secure scholar tuition refunds, if necessary,” study a assertion from a consultant of Minister Selina Robinson.

The money safety makes certain that if learners compensated for education they did not acquire, that they are delivered a refund. Quest pledged that refunds will be forthcoming and that Learners not graduating in April will get a single-on-just one counselling to transfer somewhere else.

“The Ministry will be out there to help college students as this changeover carries on.”

Meanwhile, District of Squamish mentioned in a statement of its very own that it is “saddened and disappointed” with Quest’s conclusion. The district admitted it experienced been secretly briefed by the board and understood the college was in dire straits.

Given that a June 2000 memorandum of comprehension, the district waived assets taxes for the university and expended $5 million on municipal providers infrastructure.

With a file from Steven Chua.