Knox College, Canada

Dear Alumni, Family, and Friends of Knox,

On March 25, 2022, it was communicated that Knox College and the University of Toronto had signed a Letter of Intent (LOI) in a key step towards the University of Toronto purchasing the iconic Knox College properties in the heart of the University campus. Under the terms of the sale, the University of Toronto will acquire the Knox College properties and lease back to Knox College the academic wing (on King’s College Circle) of the 59 St. George Street building for the continuing operation of a theological school for The Presbyterian Church in Canada (PCC) for 40 years.

Today, March 1, 2023, the Agreement of Purchase and Sale (APS) was finalized, meaning that the Knox College properties are now owned by the University of Toronto. As Principal, I would like to extend a word of thanks to the College’s lawyers, the Board of Trustees, and the staff members involved from Knox College for their monumental effort during the past eleven months to finalize this deal.

The sale frees Knox College from the responsibility of owning and operating the whole building, and especially from the obligation of deferred maintenance costs. It will also enable us to focus our efforts and resources on our programs and mission, and to continue to offer advanced theological education over the long term. With the sale, we have ensured a strong future for theological education for The Presbyterian Church in Canada.

These are times of great change in our denomination and our Christian faith. Knox is listening closely to the needs of our church and working on programs to equip our students, ordained ministers, and lay leaders to respond to the challenges and opportunities before us.  Further announcements about this will be made in the coming months.

In faith,

Ernest van Eck

Knox College Principal

The University of Toronto has begun to take over management and operation of the Knox Residence as of October 31, 2022. Knox College’s Acting Manager of Facilities, Daniela D’Aniello, is working with the U of T staff hired to oversee the residence, to ensure that the transition happens as smoothly as possible.

Dear Alumni, Family, and Friends of Knox,

Some of the most important moments of my life and ministry have occurred at Knox College: worshiping in the Chapel, studying in the Caven Library, living in the residence, listening to lectures in the classrooms, and talking with fellow students and faculty in the lounge. I’m sure the same is true for many of you.

While these buildings have significant emotional ties, they also carry some practical challenges. I’m writing today to let you know that Knox College has reached an agreement with the University of Toronto that will unlock the value of our properties and ensure the success of the College in the future.

We have signed a Letter of Intent (LOI) in which the University of Toronto will acquire the Knox College properties for $45 million and lease back to Knox College the academic wing (on King’s College Circle) for the continuing operation of a theological school for The Presbyterian Church in Canada, for 40 years. This frees us from the responsibility of owning and operating the whole building and allows us to focus our efforts and resources on our programs and mission.

The unanimous decision of the Knox Board to approve this LOI followed a careful assessment of Knox’s mission and the resources required to fulfil that mission in service to the Church. The Strategic Plan, adopted in 2019, calls for Knox “to optimize the use of our current and future facilities to support our mission in theological education.” Our properties’ deferred maintenance costs have grown beyond our ability to manage in the longer term. After careful consideration we have determined that selling the properties will best position the College for success.

This decision has also been approved by the Assembly Council and the Trustee Board of The Presbyterian Church in Canada.

The LOI provides a solid basis for the continuing and uninterrupted work of Knox College on the University of Toronto campus in partnership with the Toronto School of Theology. It also creates the conditions for a robust and sustainable future.

While I understand how difficult it is for some to see the Knox College building sold, I remind myself that the mission of Knox and the PCC is even more important to sustain. That will be the important result of this change. What’s more, we will remain in the space for years to come, as we continue to educate people of faith for ministry and service.

Warmly in faith,

John Vissers

Knox College Principal

Dear Alumni, Family, and Friends of Knox,

The announcement of the sale and leaseback of our properties at Knox College is one that I’m sure will trigger strong emotions in many of us. This iconic building has played an important role in the lives of so many of us in The Presbyterian Church in Canada. About 70% of our ordained ministers today are graduates of Knox.

The Board of Governors was keenly aware of this history and legacy as we looked at alternatives to ensure the success of Knox College into the future. Despite our growing enrollment, our building poses some challenges including significant deferred maintenance costs. It was necessary to look for solutions to unlock the value of our properties so we can focus more clearly on our programs and mission.

Over the past three years, we engaged expert planners, architects, legal advisors, and real estate consultants to advise us and help us explore alternatives. Most of our advisors had experience working with historic properties like our own, including many church properties in the city. Together we looked at: continuing the status quo of ongoing ownership of our buildings; multiple options to develop the property to generate additional income; and selling and leasing back the space we need. In the end, we accepted their advice that selling and leasing back was the best option for ensuring our future success.

We continued to work with our advisors as we approached the University of Toronto to determine their interest in purchasing the properties, and negotiated an agreement that worked for both sides. We ultimately arrived at an arrangement that secures our future at Knox College and sustains our mission of theological education for The Presbyterian Church in Canada.

The sale of the properties for $45 million will allow the College to significantly increase its invested assets and improve funding for its programs, faculty, and scholarships. It will free us from the obligation of deferred maintenance costs for our building. Importantly, it will allow us to continue using the space we need in the building for up to 40 years. This is a very positive financial arrangement for us.

Once this change is made and we continue to operate in the same space without the responsibilities of the building, we will develop a plan for the facilities that best meet our future needs. We are excited about the future, and the 40-year window in our current building will give us time to plan for it in a thoughtful and creative way.

The sale and leaseback of our properties has the unanimous approval of our Board of Governors, and it has been approved by both the Assembly Council and the Trustee Board of the PCC. We thank them for their support as together we secure the future of Knox College and our ability to deliver outstanding theological education for our Church.

Sincerely yours,

Randal Phillips

Convener, Knox College Board of Governors

March 25, 2022

Knox College and the University of Toronto have signed a Letter of Intent (LOI) in a key step towards the U of T purchasing the iconic Knox College properties in the heart of the University campus.

Under the terms of the LOI, the University of Toronto will acquire the Knox College properties for $45 million and lease back to Knox College the academic wing (on King’s College Circle) for the continuing operation of a theological school for The Presbyterian Church in Canada (PCC) for 40 years.

“This is an important opportunity that unlocks the value of the Knox College properties. It frees the College from the responsibility of owning and operating the whole building and will allow us to focus our efforts and resources on our programs and mission,” said Dr. John Vissers, Principal, Knox College.

“We will have ongoing use of the classrooms, offices, chapel, and the library in the East Wing for up to 40 years, so the school will continue to operate in much the same way,” Dr. Vissers added. “The rich student experience will only be enhanced as we are able to focus more deeply on advancing theological education.”

“This agreement is truly momentous for the University of Toronto,” said Scott Mabury, U of T’s Vice President, Operations and Real Estate Partnerships. “The Knox College building has been a beloved part of the St. George campus for over a century – with the grandeur of Front Campus owing much to the property.

“The chance to acquire such a historic gem to help meet the future needs of students, faculty, and staff – while also being able to continue U of T’s longstanding relationship with Knox College – makes this opportunity one the university simply couldn’t afford to pass up,” Mabury added.

The LOI has been approved by the Knox College Board of Governors, The Assembly Council, and the Trustee Board of The Presbyterian Church in Canada, as well as the Business Board of the University of Toronto.

“The LOI provides a solid basis for the continuing and uninterrupted work of Knox College on the University of Toronto campus in partnership with the Toronto School of Theology and the University of Toronto, “ said Dr. Vissers. “It positions Knox College well for success in advancing theological education for the long term.”

“The Knox College building holds fond and deep memories for many of us in The Presbyterian Church in Canada. Around 70% of our ordained ministers today are graduates of Knox,” said Stephen Kendall, Principal Clerk, PCC. “Although difficult because of the emotional connection, this decision is grounded in ensuring a strong future for theological education, a central part of our mission as a church. It is in the best interests of both the College and the PCC.”

The next step is to finalize the Agreement of Purchase and Sale (APS).

We wish to acknowledge the land on which Knox College operates. For thousands of years it has been the traditional land of the Huron-Wendat, the Seneca, and most recently, the Mississaugas of the Credit River. Today, this meeting place is still the home to many Indigenous people from across Turtle Island, and we are grateful to have the opportunity to work on this land.

As a theological college of The Presbyterian Church in Canada, Knox College is committed to education in support of Indigenous peoples and decolonization, in response to Calls to Action 59 and 60 of the Final Report of the Truth and Reconciliation Commission of Canada.