Hoping to make the best of a disappointing situation - city hall is finalizing a deal to buy Lorne Avenue public school when it closes in June.

The city will pay $550,000 to the Thames Valley District School Board (TVDSB) for the 1.4 hectare site at Lorne Avenue and English Street.

Ruth Tisdale, chair of the TVDB, said in a statement, "This agreement will meet the needs of both the school board and the city and is the best possible solution for everyone. As Trustees we know how difficult it is to see a school that is the centre of a community close down, but we believe the offer from the City of London is good for the community.”

Recently the school was the subject of a failed effort by neighbours in the Old East Village to keep it open.

Following the same re-development process that was used at the former Sherwood Forest public school - city hall will first consult with neighbours and then re-zone the property by June, likely for a park and some housing.

John Fleming, chief city planner, said in a statement that there is no neighbourhood park space in the area bounded by Adelaide Street, the CP rail tracks, Quebec Street and Dundas Street.

He added, “With the closing of Lorne Avenue Public School, the last available space for recreation would be removed within these boundaries...This is contrary to the City’s Official Plan, the Parks and Recreation Master Plan and our goals for urban regeneration which all seek to ensure that park spaces are well distributed throughout London to support strong and healthy neighbourhoods.”

Whether the school building will be renovated or demolished is yet to be determined.