wfn.org | NEGOTIATIONS CONTINUE ON SALE OF PSCE PROPERTY

[PCUSA_NEWS@ecunet.org]

1-Jun-95

95181     NEGOTIATIONS CONTINUE ON SALE OF PSCE PROPERTY 
 
                      by Jerry L. Van Marter 
 
RICHMOND, Va.--Negotiations are proceeding on the proposed sale of Watts 
Dormitory by the Presbyterian School of Christian Education (PSCE) to the 
Baptist Theological Seminary at Richmond (BTSR). 
 
     At its May 10-11 meeting here, the PSCE board of trustees heard an 
update on the sale plan, which generated much debate among faculty, alumni 
and friends of the 81-year-old school when the board first approved the 
sale March 13 (see "News Briefs," March 31, #95089). 
 
     The BTSR board, which has been renting space from PSCE since 1989, 
voted to enter into purchase negotiations March 21. 
 
     The ongoing negotiations also include a possible joint ownership of 
Lingle Hall, which currently houses a dining facility and bookstore. 
 
     By selling off the property, which the PSCE board insists is surplus, 
the school hopes to ease a financial burden that includes an annual 
operating deficit of $500,000 and deferred maintenance estimated at more 
than $1 million. 
 
     In a related move, the board approved a detailed plan for the disposal 
of seven PSCE-owned faculty homes.  Under the plan, current faculty 
residents of the houses may buy them now or remain in them until their 
employment by the school ceases. 
 
     The priority order for selling the houses as they become available is: 
 
     1. current residents 
 
     2. resident full-time faculty members who wish to buy another of the 
houses 
 
     3. current nonresident full-time faculty members 
 
     4. incoming full-time faculty members 
 
     5. PSCE full-time staff 
 
     6. Union Theological Seminary in Virginia 
 
     7. BTSR 
 
     8. open market 
 
     "We have learned a lot in the past few months about how many people 
love this school and about our need to weigh their suggestions while we 
position this school for its future," said the Rev. R. Jackson Sadler, 
chair of the board of trustees. 
 
     "The board acknowledges and deeply appreciates the many letters and 
petitions it has received from alumni/ae, former trustees, former faculty 
and staff, students and friends of the school, who have made meaningful 
contributions to board deliberations by their constructive observations," 
he added.   
 
 

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For more information contact Presbyterian News Service
  Presbyterian Church (U.S.A.), Louisville, KY 40202
  phone 502-569-5504            fax 502-569-8073  
  E-mail PCUSA.NEWS@pcusa.org   Web page: http://www.pcusa.org 

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