Years after the small private college filed for bankruptcy, the creditors in charge of the school’s debt have finally approved an offer by the City of Atlanta and nearby Friendship Baptist Church to purchase the majority of the school’s land. In previous statements, Mayor Kasim Reed said that he was determined to be the winning bid for this land because he felt as though this is a vital area for the city and he wanted to make sure that it didn’t fall into a rogue developer’s hands; he wants to ensure that any development that occurs in that corridor be in line with his ultimate vision for the city. The city and FBS offered a combined $14.6 million, $10 million coming from Atlanta and the rest from the church.
Although Morris Brown’s creditors and the school executives have approved the sale, it’s not a done deal quite yet. It was have to go through the bankruptcy court before it can be finalized, although most agree that this is a very positive step in a situation that until this point has been stagnant and painful. Those objecting to the sale have about a week to voice their concerns. One entity that might voice some concern over the sale is Clark Atlanta, the school which owned half of the Morris Brown land and gifted it to the school on the condition that it be returned if not being used for education purposes. With less than 36 students and 10 faculty members, it’s safe to say the entirety of the land is not being used for education. An objection by Clark Atlanta could delay the purchase process, which is currently scheduled to close on June 16th.Share