New Tecumseth is buying the Banting homestead.

A bylaw passed Monday night allows the town to purchase the 107-acre homestead of Sir Frederick Banting, co-discoverer of insulin, from the Ontario Historical Society Foundation (OHSF) for $600,000 — significantly less than the $1 million the town offered in 2006.>

Mayor Mike MacEachern is now challenging the public to help the town meet the conditions of the deal, which is final June 30. As part of sale, the town has agreed to fundraise $500,000 to ensure repairs and maintenance of the buildings on the property. >

OHSF president Christopher Oslund said a municipal property assessment determined that $600,000 is fair market value for the property.>

<<>>“It’s good news, I’m very pleased that the municipality has taken this step,” said Oslund. >

<<>>He said another factor in the reduced price are the terms of sale. >

<<>>This agreement has the town acquiring the property with the intent of keeping the entire acreage as well as repairing the buildings. In the initial proposal in 2006, the town intended to sever a portion of the land and sell it to a developer.>

<<>>Co-founder of the Sir Frederick Banting Legacy Foundation Peter Banting is delighted with the way things are moving. >

<<>>“I’d like to congratulate the mayor, council and people of the town for taking significant steps for preserving the property,” said Banting. “It’s the most significant identification factor that Alliston has. It’s a worldwide landmark.”>

<<>>Given his past experiences with the OHSF, Banting is hesitant to celebrate the sale until it’s finalized though. >

<<>>Banting has dealt with the Ontario Historical Society (OHS) since 1999, when the property was willed to the OHS. As the OHS isn’t in the business of taking care of properties, the OHSF was established to oversee the maintenance of the property. >

<<>>Today the buildings are run down and have not been very well preserved. ><<>>The cultural value of the property was also debated in front of the Ontario Conservation Review Board (OCRB) last September. >

<<>>The debate ignited in 2006 when the OHSF planned to sell the property to Solmar Development Corporation for $2 million, double what the Town of New Tecumseth was offering. Solmar intended to preserve only 4.7 acres of land immediately surrounding the buildings and develop the remaining 96 acres. Even though it appeared the Solmar sale would go ahead, New Tecumseth was also pushing forward an amendment to the official plan to protect the cultural value of the property.>

<<>>Ultimately, the OCRB determined the entire property should be protected as heritage land.>

<<>>A town bylaw was passed in November to protect the Banting homestead. It deems all 100 acres of the property as being of cultural or heritage value or interest, and there is minimum maintenance standard for the property owners.>

<<>>Since rezoning the land, MacEachern said he has been meeting with the OHSF to arrange a deal.>

<<>>MacEachern said when the town takes ownership of the property the first step is repairing the aging buildings. >

<<>>The OHSF is still responsible for the property until June.>

<<>>In that time, Oslund said the foundation is committed to completing unfinished work to the roof and porch that it undertook last year.>

<<>>Once the town takes ownership, MacEachern doesn’t know how long the repairs will take or what the property will be used for afterwards. >

<<>>Banting said his family has always dreamed of setting up a diabetes camp for children on the property. That dream led to the Sir Frederick Banting Legacy Fund, a charitable organization that raises money for diabetes education and to use for projects at the Banting homestead. >

<<>>While the homestead has been with the OHSF, Banting said they couldn’t do anything as the foundation refused help from the family.>

<<>>Under the purchase agreement, a camp could still be a possibility.  One of the conditions is that the land is to be used for public purposes, including those related to the historical connections to the property as it relates to the Banting family or the Sir Frederick Banting in general.>

The town is accepting donations to the fundraising campaign. Charitable tax receipts will be issued for donations. >

Cheques can be made out to the Town of New Tecumseth - Banting Homestead.>