Miles College and Birmingham-Southern College (BSC) have signed a purchase agreement for BSC's 192-acre campus.
Both Boards of Trustees have unanimously voted to enter into a purchase agreement, following a letter of intent submitted by Miles shortly after BSC ceased normal operations on May 31.
"It is clear that institutions like Miles College continue to serve as powerful engines of economic growth and opportunity," Miles College President Bobbie Knight said in a statement on Wednesday. "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."
The financially troubled BSC announced in March that the school would close its doors at the end of the spring semester.
"We are very pleased to take this next step with Miles College," said President Daniel B. Coleman. "Our hope has been to find a buyer whose mission paralleled BSC's mission of educating young people for lives of service and significance, and whose presence on the Hilltop would also benefit the surrounding communities who have been such good neighbors to BSC for more than 100 years. With its roots in the Methodist tradition of service and its commitment to preparing young people for lives of leadership, Miles College fits that description. We will continue to work diligently with President Bobbie Knight and her team to ensure a smooth pathway to closing the sale."
Coleman continued, "The purchase agreement is for the physical property – acreage and buildings – but not the College itself. BSC will continue to operate as a corporate entity through the remainder of the wind-down, which includes wrapping up a range of business matters."
Once the sale is complete, BSC will work with the Alabama Attorney General's office to develop a proposed plan for the college endowment and seek court approval of that plan, as required by state law.
"We expect that process will take many months or even years to complete, and we will communicate with our endowment contacts once we know more," Coleman said.
BSC and Miles officials said they would have no further comments on the details of the agreement. The BSC campus will remain closed to all visitors until further notice.
Miles and BSC did not disclose the terms and price of the purchase in a joint statement on Wednesday.
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