A Dartmouth, N.S., school has only seven days to come up with $313,000 or else it could be sold.

It's making for an uncertain future for 500 families at Shannon Park School.

The school is owned by a branch of the federal government called Canada Lands. That same branch also owns the old military site across the street.

More than a year ago, it offered the school board the chance to buy it.

That offer runs out next Wednesday and the school could close down after this school year.

Frank Yunace has a daughter in Grade 4 at Shannon Park School which may have to close unless Halifax Regional School Board buys the building from the federal government. (CBC)

"I can't even fathom that happening with the amount of students that do attend that school. It would be devastating to the community," said Frank Yunace, whose daughter is in Grade 4.

He said the school is primarily French immersion and the teachers share resources

"With all those teachers working together, it's just such a great program. Why would you want to break that up?"

Canada Lands says it's waiting until April 15 for the school board's decision. The board is waiting for money from the province; the province still isn't sure when the deadline is.

"Our understanding is that the deadline was April 30, but we will confirm that. If it's the 15th, we will have a decision ... and Canada Lands will know that before the 15th," Education Minister Karen Casey said.

Her department is working closely with the board, she said.

Even if the school is saved, its future is far from secure. The facility still needs $1.5 million in renovations.

Otherwise, Shannon Park School may wind up abandoned like its military neighbour.