Sale of Penticton Legion building nearly complete
Despite an earlier warning about its possible demise, it appears the Legion branch in Penticton will soldier on, thanks to the nearly complete sale of its building.
Branch president Murray Grandy said B.C.-Yukon Command is putting the finishing touches on a deal to sell the Martin Street property to Vassilaki and Sons Investments Ltd., who will then lease back a portion of it to the veterans’ group.
“It’s just details of the lease. I really don’t know exactly what they’re talking about, (just) certain details lawyers are looking over,” Grandy said Tuesday.
The deal nearly fell apart earlier this month when the two sides couldn’t come to terms on the length of the leaseback agreement; command asked for two years while the buyer offered three.
“I (since) gave them the two years they wanted, and I talked the bank into going for it, so that was the main stumbling block and I just hope they don’t come back with anymore demands,” said local businessman and city councillor John Vassilaki.
He expected the deal to close Tuesday or Wednesday.
“Everything is done as far as I know. They’re just tweaking little, tiny things before it becomes final,” Vassilaki said.
“Other than that, everything is a go.”
Vassilaki and his sons own properties adjacent to the building, which was appraised this year by BC Assessment at $790,000.
The branch, which has struggled financially for years, voted to sell its asset to shore up its financial position.
Grandy said previously the branch may have closed later this spring if the building didn’t sell. Now, however, he’s cautiously optimistic about its chances of survival.
“It’s hard to know,” he said. “It’s best not to say or do anything until it’s finalized.”