OSHAWA, ONT. — The City of Oshawa and Trent University have announced an endowment fund to benefit Oshawa students attending the University’s Durham GTA campus as part of a package supporting the construction of a new student residence in the city.
The endowment fund is supported by a $100,000 contribution from Trent University, in exchange for an equivalent land transfer from the city of a 0.15-acre piece of property, explained a July 27 release. The land is currently leased and will generate a small annual revenue, which will be added to the bursary fund, until Trent’s use for the property is finalized.
The endowment and new land agreement build on previous agreements between the city and Trent University. In May 2019, the city gifted 1.85 acres of land to Trent University Durham GTA to enable the university to proceed with expansion plans for its Durham campus at 55 Thornton Rd. S. in Oshawa.
The new six-storey residence with 200 accommodation spaces and learning and research spaces is located at 75 Thornton Rd. S. and will open this fall.
The endowment fund will support students who reside in Oshawa, are enrolled at Trent University Durham GTA and have demonstrated socio-economic need. It will begin operations in the 2021-2022 academic year.
“With the previous council’s gift of land on Thornton Road to Trent University Durham for its campus expansion, a separate deeded narrow strip of land to the north was left over. When the city contemplated offers for the disposal of this strip, and the university submitted the highest and best offer to acquire it, the option for a multi-year City Endowment Fund to benefit financially disadvantaged Oshawa students in lieu of the $100,000 market value was supported by a majority of council,” said Councillor Rosemary McConkey, vice-chair of the Oshawa Development Services Committee, in the statement.