Vandals stripped out most of the cable, smashed the gym floor and windows and badly damaged the Spartan Room.
Banks Avenue School Board chairman Kirk McKay said they have been in talks with the Ministry of Education and it looks like repairs will be made and they will honour their promise.
He said they were worried for a while that officials might renege on the deal.
"Which is one of the reasons why we just started to go oh hold on, was that just a scare tactic? Or was that a real number based on a QS report?"
He said both parties are working on a programme to get it repaired.
"It's a pretty disappointing but we've finally got some traction. The place has been secured and now we are working with the ministry on a reinstatement programme to get that back up to scratch."