On April 28, 2004, the Georgia Board of Regents rejected the proposed sale of the Life University campus to neighboring Southern Polytechnic State University (SPSU). The decision was made after Thomas C. Meredith, chancellor of the University System of Georgia, "advised the board that SPSU's proposal to enter into a lease agreement with the SPSU Foundation to purchase Life University property would not be moved forward for further board consideration at this time."
Faced with an estimated $31 million of bond debt, Life announced in November 2003 the proposed sale of its 89-acre Marietta campus to the fundraising foundation of SPSU. Under the terms of the proposed arrangement, Life would continue its operations by leasing back approximately 50 percent of the property, including classroom buildings. After five years, Life had the option of repurchasing the buildings, with final ownership transferred after eight years. SPSU planned on using the property for laboratories, classrooms, recreation facilities and student housing.
Although the proposed sale seemed cut and dry at the outset, the financial details quickly became a sticking point. With the SPSU Foundation able to fund only approximately $1.3 million of the $2.7 million needed annually to pay off Life's debt, $1.4 million need to be funded from "other sources." The plan? Get the University System of Georgia to cover the remainder. That plan met with harsh reality in March, when the board of regents told SPSU it needed to look elsewhere for funds.
According to SPSU President Dr. Lisa Rossbacher, the university was able to find other funding sources, including the city of Marietta, Cobb County, and local community organizations - enough to cover the full debt payment for at least the next two years. Apparently, however, it was not enough to convince the board of the deal's viability.
"While there was considerable financial support for the project, the Board of Regents was not assured of the long-term fiscal soundness of the project," noted Linda M. Daniels, vice chancellor for facilities of the University System.
Life University President Guy Riekeman, DC, hinted recently that the college no longer needed - or wanted - the deal to take place, stating: "Now [that] we are fully able to pay back our debt, we'd like to keep our entire campus intact." According to Dr. Riekeman, approximately $3 million in donations have come in since he assumed the presidency, and he projects that student enrollment will increase from approximately 1,200 (current) to 1,400-1,500 by 2005, to about 3,000 by 2006-2007.
"The Board of Trustees and the Life college community are extremely pleased [with the board of regents' decision]," commented Dr. Riekeman, "as the circumstances that led to this proposal are dramatically different today, with a new administration, increased enrollment and alumni giving exceeding all expectations.
"I have met with SPSU's president, Dr. Lisa Rossbacher, and have expressed my desire to work together. I believe that we can all accomplish our goals. Life can maintain its pristine campus while rebuilding enrollment and aid SPSU's need for expansion. This partnership will contribute to Marietta's image and financial future."
Resources
Board of regents makes final decision regarding Southern Polytechnic Life University property. Board of Regents of the University System of Georgia news release, April 28, 2004.
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