MERGERS & ACQUISITIONS
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Chapman University seeks to buy Crystal Cathedral Ministries
The university offers $46 million for the Garden Grove property.
BY KARLY barkerPublished: July 06, 2011
Chapman University on Tuesday submitted a proposal to purchase Crystal Cathedral Ministries in Garden Grove. The $46 million offer was issued in a bankruptcy court pending the proceedings for the ministry.
The University’s Board of Trustees authorized the proposal on June 27, stating that the offer is designed to address community concerns about Crystal Cathedral’s current financial situation and will allow more growth for Chapman University.
“Dr. [Robert] Schuller’s (founder of Crystal Cathedral) lifelong message of courage and ambition closely matches the characteristics that are so much a part of Chapman University,” said James L. Doti, university president.
The 35-acre property is located 3 miles from Chapman University’s City of Orange campus and would provide the university with seven new buildings.
If accepted, the offer would allow the ministries to lease back the cathedral and other property on campus, with a purchase provision that could be used in the first four years of the lease.
“We are fortunate to be in a position where we can make this offer and are hopeful our proposal to the ministry and court will be accepted,” Doti said.
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The University’s Board of Trustees authorized the proposal on June 27, stating that the offer is designed to address community concerns about Crystal Cathedral’s current financial situation and will allow more growth for Chapman University. “Dr. [Robert] Schuller’s (founder of Crystal Cathedral) lifelong message of courage and ambition closely matches the characteristics that are so much a part of Chapman University,” said James L. Doti, university president. The 35-acre property is located 3 miles from Chapman University’s City of Orange campus and would provide the university with seven new buildings. If accepted, the offer would allow the ministries to lease back the cathedral and other property on campus, with a purchase provision that could be used in the first four years of the lease. “We are fortunate to be in a position where we can make this offer and are hopeful our proposal to the ministry and court will be accepted,” Doti said. Related headlines Chapman gives $60,000 scholarship to Elise Drakes Chapman's economic forecast: No double dip Chapman appears among Princeton Review's top 373 colleges in U.S. |
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