ATLANTA, Georgia -- The City of
Atlanta is the top bidder to buy Morris Brown College out of bankruptcy with an offer of $14.6 million, city officials announced late Thursday.
Atlanta partnered with Friendship Baptist Church, one of two historically black churches to sell in the wake of the future
Atlanta Falcons stadium, to place a bid on the embattled property.
Under the proposal, the city — through its economic development agency Invest
Atlanta — will spend $10.625 million and Friendship will contribute $4 million, according to Mayor Kasim Reed spokeswoman Melissa Mullinax. The Morris Brown Bankruptcy Creditors Committee has confirmed the city as the highest bidder, she said.
It’s unclear exactly what properties the city will assume in the takeover, but officials previously said
Atlanta would gain control of the college stadium, while Friendship would own other portions of the campus.
Morris Brown will retain some of its historic buildings, which Mullinax said will allow the school to continue providing educational opportunities.
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