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The article infers they have a better offer, which the Mayor doesn't believe. MB rejected it because the Mayor's offer doesn't include operating funds. Invest Atlanta would actually buy the entire property, the Mayor is worried that the property will be sold off piecemeal and unattractive businesses will come in.
Reed and Invest Atlanta, the city’s economic development arm, presented Morris Brown with a $9.7 million proposal that would have:
I am wondering if a for-profit college is interested in purchasing it? Though, from my perspective, they would be doing so to get a campus and would be wanting to change the name. Any offer from GSU or any other public university would have to have been approved publicly, so it will be interesting to see what offer MB says is higher and better than the city's.
So it appears that Reed wants to offer almost $10 million to acquire the property and come to a settlement of the debt. MB can lease 5 acres for the four buildings it uses now and can buy them back in 3 years. But at what cost for both leasing and buy back? Given MB's history, they might have problem paying the lease and if MB can pay the lease, is the property available for purchase in perpetuity? Rent to own?
As for the remaining 35 acres, I suppose the Falcons could buy it because a complaint of the present area is that it lacks good tailgating. 35 acres could make for a good "game day experience" area.
Everything MB has done so far was to ensure it survived intact. Can't see how it can sell to a for-profit college group unless that group agrees to keep the name and MB traditions. Plus the African Methodist Episcopal Church has dug in its heels over losing control. I can see how MB wouldn't like the deal because even if it all works out, MB would be shell of its former self sitting on 5 acres.
And if the buyout price is just $9.7 million, GSU could probably meet that and offer MB the remaining 4 buildings on the 5 acres for free.
All 4 colleges in the AU Center combine into one larger University with 4 different divisions for 4 separate fields of study (but combine to pool together alumni and other private funds into 1 larger more powerful endowment).
Become "Atlanta University" or something similar?
The enrollment would become approx. 8600 students instead of 4 small schools
4,000 (Clark), 2,439 (Morehouse), 2,170 (Spelman) and the poor 80 or whatever (who knows) students at Morris Brown...
Think about it. It becomes a 5,000-10,000 enrollment University. That's in the company of schools like: Wake Forest, Duke, Stanford, Boston College, Georgetown, TCU, SMU, Tulane, Northwestern, Notre Dame, Villanova, etc... Student Body: 5000-10000 Colleges - College Prowler?
That's not bad company to be in...
The endowment suddenly becomes close to half a Billion dollars ($458Mil approx.) as opposed to each individual having $284Mil (Spelman), $130Mil (Morehouse), $44Mil (Clark), and -$35Mil (Morris Brown).
Half a Billion speaks a LOT louder than $44 Million... Or debt...
And plenty of Universities are subdivided into smaller colleges. For example, Univ. of Maryland is made of 13 colleges, like Philip Merrill College. Or UGA has several colleges like Terry College, or Franklin College.
In sports, they would have a larger pool of students to form more talented sports teams. And since Spelman has the most money, the school can adopt the Spelman mascot (Jaguars) OR create an entirely new mascot that can collectively represent all 4 colleges.
Then with the larger numbers and more money, they can afford a better athletic program and finally leave the small SIAC (Div II) conference and join the MEAC (Div I) conference and start playing against the larger, more interesting to watch schools in the MEAC and SWAC conferences, like FAMU, Hampton, Howard, Southern & Jackson State. Would be nice to have those schools play in downtown Atlanta regularly during seasons, as well as for special events.
Just an idea... Survival techniques. OR they can end up like Southeastern University......
because even if it all works out, MB would be shell of its former self sitting on 5 acres.
It's already a shell of its former self...
GSU probably CAN meet that deal and then some though. After reading your post, I DO see your points of why they would refuse though. But, I think they should just give it up and get out with a deal. It could, and most likely will (if they don't accept a deal) get worse.
Where do you think the money for GSU to buy the property would come from? As far as I know, unless they have a donor willing to purchase it for them, GSU is dependent on state dollars for major expenditures. The money isn't going to be easy to come by.
I see what you are saying about the for-profit school.
We will know by the end of the month because MB has to appear at a hearing about is bankruptcy.
I do not think the school is sustainable and am sorry that students are paying good money to attend.
All 4 colleges in the AU Center combine into one larger University with 4 different divisions for 4 separate fields of study (but combine to pool together alumni and other private funds into 1 larger more powerful endowment).
Become "Atlanta University" or something similar?
The enrollment would become approx. 8600 students instead of 4 small schools
4,000 (Clark), 2,439 (Morehouse), 2,170 (Spelman) and the poor 80 or whatever (who knows) students at Morris Brown...
Think about it. It becomes a 5,000-10,000 enrollment University. That's in the company of schools like: Wake Forest, Duke, Stanford, Boston College, Georgetown, TCU, SMU, Tulane, Northwestern, Notre Dame, Villanova, etc... Student Body: 5000-10000 Colleges - College Prowler?
That's not bad company to be in...
The endowment suddenly becomes close to half a Billion dollars ($458Mil approx.) as opposed to each individual having $284Mil (Spelman), $130Mil (Morehouse), $44Mil (Clark), and -$35Mil (Morris Brown).
Half a Billion speaks a LOT louder than $44 Million... Or debt...
And plenty of Universities are subdivided into smaller colleges. For example, Univ. of Maryland is made of 13 colleges, like Philip Merrill College. Or UGA has several colleges like Terry College, or Franklin College.
In sports, they would have a larger pool of students to form more talented sports teams. And since Spelman has the most money, the school can adopt the Spelman mascot (Jaguars) OR create an entirely new mascot that can collectively represent all 4 colleges.
Then with the larger numbers and more money, they can afford a better athletic program and finally leave the small SIAC (Div II) conference and join the MEAC (Div I) conference and start playing against the larger, more interesting to watch schools in the MEAC and SWAC conferences, like FAMU, Hampton, Howard, Southern & Jackson State. Would be nice to have those schools play in downtown Atlanta regularly during seasons, as well as for special events.
Just an idea... Survival techniques. OR they can end up like Southeastern University......
In a word...impossible.
Spelman is dropping sports altogether anyway and they wouldn't want to share their endowment propping up the other schools. And Morehouse is fiercely protective of its identity. Only CAU would likely be open to the idea. The only thing they share is the library (smart idea) but I believe MB was kicked out and probably still owes their share of the past library bill.
Morehouse, Spelman, and CAU could buyout MB but keep it at arm's length as their Junior College.
Where do you think the money for GSU to buy the property would come from? As far as I know, unless they have a donor willing to purchase it for them, GSU is dependent on state dollars for major expenditures. The money isn't going to be easy to come by.
GSU wouldn't have much trouble raising say $10 million. They don't need a single donor; they have a decent support base and an endowment of over $100 million. GSU raises over $20 million annually.
All 4 colleges in the AU Center combine into one larger University with 4 different divisions for 4 separate fields of study (but combine to pool together alumni and other private funds into 1 larger more powerful endowment).
Become "Atlanta University" or something similar?
The enrollment would become approx. 8600 students instead of 4 small schools
4,000 (Clark), 2,439 (Morehouse), 2,170 (Spelman) and the poor 80 or whatever (who knows) students at Morris Brown...
Think about it. It becomes a 5,000-10,000 enrollment University. That's in the company of schools like: Wake Forest, Duke, Stanford, Boston College, Georgetown, TCU, SMU, Tulane, Northwestern, Notre Dame, Villanova, etc... Student Body: 5000-10000 Colleges - College Prowler?
That's not bad company to be in...
The endowment suddenly becomes close to half a Billion dollars ($458Mil approx.) as opposed to each individual having $284Mil (Spelman), $130Mil (Morehouse), $44Mil (Clark), and -$35Mil (Morris Brown).
Half a Billion speaks a LOT louder than $44 Million... Or debt...
And plenty of Universities are subdivided into smaller colleges. For example, Univ. of Maryland is made of 13 colleges, like Philip Merrill College. Or UGA has several colleges like Terry College, or Franklin College.
In sports, they would have a larger pool of students to form more talented sports teams. And since Spelman has the most money, the school can adopt the Spelman mascot (Jaguars) OR create an entirely new mascot that can collectively represent all 4 colleges.
Then with the larger numbers and more money, they can afford a better athletic program and finally leave the small SIAC (Div II) conference and join the MEAC (Div I) conference and start playing against the larger, more interesting to watch schools in the MEAC and SWAC conferences, like FAMU, Hampton, Howard, Southern & Jackson State. Would be nice to have those schools play in downtown Atlanta regularly during seasons, as well as for special events.
Just an idea... Survival techniques. OR they can end up like Southeastern University......
You can forget that ever happening. Spelman nor Morehouse would ever merge.
Guess I should make a correction. I wrote 35 acres earlier when it should be 32 acres if MB gets 5.
As for redeveloping the property in accordance with the city’s vision, I wonder if that might be included in settling with the creditors? i.e. their profiting from development and developer money since they are taking a loss up front with the city's proposed deal. And the post about the story stated 37.22 acres are tied up in bankruptcy. So is that all of MB or is some portion not? MB did lose one building to foreclosure already.
All 4 colleges in the AU Center combine into one larger University with 4 different divisions for 4 separate fields of study (but combine to pool together alumni and other private funds into 1 larger more powerful endowment).
Become "Atlanta University" or something similar?
The enrollment would become approx. 8600 students instead of 4 small schools
4,000 (Clark), 2,439 (Morehouse), 2,170 (Spelman) and the poor 80 or whatever (who knows) students at Morris Brown...
Think about it. It becomes a 5,000-10,000 enrollment University. That's in the company of schools like: Wake Forest, Duke, Stanford, Boston College, Georgetown, TCU, SMU, Tulane, Northwestern, Notre Dame, Villanova, etc... Student Body: 5000-10000 Colleges - College Prowler?
That's not bad company to be in...
The endowment suddenly becomes close to half a Billion dollars ($458Mil approx.) as opposed to each individual having $284Mil (Spelman), $130Mil (Morehouse), $44Mil (Clark), and -$35Mil (Morris Brown).
Half a Billion speaks a LOT louder than $44 Million... Or debt...
And plenty of Universities are subdivided into smaller colleges. For example, Univ. of Maryland is made of 13 colleges, like Philip Merrill College. Or UGA has several colleges like Terry College, or Franklin College.
In sports, they would have a larger pool of students to form more talented sports teams. And since Spelman has the most money, the school can adopt the Spelman mascot (Jaguars) OR create an entirely new mascot that can collectively represent all 4 colleges.
Then with the larger numbers and more money, they can afford a better athletic program and finally leave the small SIAC (Div II) conference and join the MEAC (Div I) conference and start playing against the larger, more interesting to watch schools in the MEAC and SWAC conferences, like FAMU, Hampton, Howard, Southern & Jackson State. Would be nice to have those schools play in downtown Atlanta regularly during seasons, as well as for special events.
Just an idea... Survival techniques. OR they can end up like Southeastern University......
These are pretty low endowments, Howard University which is also struggling financially has an endowment approaching $600 million. I'm intrigued by your idea. However I doubt the people running these institutions have the level of ingenuity that you have and such an idea will probably never even reach the drawing board.
You can forget that ever happening. Spelman nor Morehouse would ever merge.
It's kind of silly not to even consider it though. Harvard and Radcliffe merged and it seems to be working out splendidly.
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