The city has unloaded the dilapidated Lyceum Theatre for $20,000.
The new owners of the 105-year-old downtown north core landmark, Ontario numbered company 2426434, plan to rehabilitate the building. The purchaser, a contractor from southern Ontario who has done this type of work before in Thunder Bay, has asked that his name be kept private.
“This agreement shows that the city is serious about preserving our history and historical buildings, properties and sites,” said Coun. Larry Hebert, a member of the city’s heritage advisory committee, in a release issued on Monday.
“It is great we have found a buyer who will restore the building. Our committee certainly supports the city’s efforts to find a new use for this building.”
City officials say they got fair-market value for the building, which it attempted to sell last year through a tax-sale tender. At the time the city was seeking $150,000.
“Since this is a historic building, the city had been seeking a buyer who is interested in restoring the building,” said Joel DePeuter, Thunder Bay’s manager of realty service.
The release also stated the purchaser has agreed to meet construction milestones in the rehabilitation process.