Morris Brown Turns Down Bailout Offer
ATLANTA (AP/WAOK) Trustees of Morris Brown College have turned down an offer of nearly $10 million in taxpayer money.
The Atlanta Journal-Constitution reports that Atlanta Mayor Kasim Reed had offered the money that would have eliminated the bankrupt school’s $35 million debt and solved its legal problems.
Morris Brown’s lawyer Anne Aaronson has said the city’s offer was insufficient because it covered the college’s debt but didn’t provide operating funds. She says the school has a better offer on the table. Reed and city officials say that’s hard to believe. The lawyer declined to give any further details.
Reed says the school’s rejection of his offer puts the school’s future in danger and also threatens the city’s vision for a revitalization of the area around the campus.
The AJC reported that the offer from Mayor Reed would have included the purchase of 37.22 acres of property tied up in the bankruptcy; given the AME Church which governs the school $1 million in cash; paid nearly half million in back pay to professors and staff; allowed the college to rent four buildings it still uses and have the option to buy them back after three years and allow Invest Atlanta and developers to redevelop part of the property.