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After months of negotiations, the deal between Miles College and the purchase of the Birmingham Southern College campus has come to an end. The purchase agreement between the two colleges ended early this week. Miles College released a statement on the matter.
“While we are certainly disappointed by the pause in our efforts to acquire the Birmingham-Southern campus, our commitment to growth and expansion remains steadfast.
“We will continue to explore every avenue to secure this opportunity in the future. This setback does not deter us; it motivates us to pursue excellence and opportunity with greater determination.”
Miles College requested several deadline extensions to complete the deal with Birmingham Southern College. Their second deadline extension request, which was for December 24, was denied according to a news release. State representative Juandalynn Givan says she had doubts from the beginning.
“If you go on that campus and you can't reasonably acquire the debt and whatever that means, all of that entails, and then you be able to service the rehabilitation of those buildings and deferred maintenance and do it with knowing you're walking in the door, putting in worth about 20 million, if not close to 30 million, I'm going to suggest to anybody not don't do it, hold up,” Givan said.
Earlier this year, Miles College and Alabama A&M University entered a negotiation battle to purchase the Birmingham-Southern College campus. In July, Alabama A&M fell out of running to buy the campus after making a significantly lower offer to purchase the campus, leaving Miles College in the running. This news comes as a surprise just a few months after Miles College president Bobbie Knight shared her excitement about the acquisition.
“It is clear that institutions like Miles College continue to serve as powerful engines of economic growth and opportunity. For generations, Miles College has been a cornerstone of progress in our community. This opportunity is a significant next step in our vision to lift our college, campus, and community.”
Birmingham-Southern released a statement on the matter giving more details on what happened.
“The BSC community has great respect for Miles College, its students, faculty, staff, and alumni, and appreciates both the shared roots and the alignment of missions. But to meet its commitments to lenders and other creditors, the BSC Board of Trustees is obligated to sell the 192-acre campus property as quickly as possible,” said the BSC news release.
