Saint Augustine's University is facing financial pressures as it attempts to restructure a proposed 99-year lease deal for its campus with 50 Plus 1 Sports, aiming to secure $70 million. Following concerns raised by the North Carolina attorney general about the deal's impact on university assets valued at $200 million, the agreement is being modified to reduce the scope below the 50% asset threshold. Saint Augustine's also recently suspended in-person classes due to deferred maintenance issues, adding to the institution's challenges as it seeks to maintain accreditation.
Saint Augustine's University is restructuring a proposed lease agreement with 50 Plus 1 Sports after state review concerns regarding financial stability and property valuation.
The deal, initially planned to lease the university's entire 105 acres for $70 million, was deemed problematic due to state official's valuation of SAU property at around $200 million.
After state scrutiny, the revised agreement seeks to fall below the 50% threshold triggering a comprehensive review, though specific details on acreage remain unclear.
In tandem with these financial struggles, Saint Augustine's has shifted to virtual classes after suspending in-person classes due to deferred maintenance issues affecting campus infrastructure.
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