$65 million bid: Alabama A&M increases bid to buy BSC campus

Alabama A&M (AAMU) has increased its offer to purchase Birmingham-Southern College from its initial offer of $52 million to $65 million.

In a statement released to Bham Now by Shannon Frank Reeves, Sr., AAMU vice president of government affairs and external relations, the college made the second, larger offer on June 14.

Alabama A&M increases its offer by $13 million

According to Reeves, the first bid of $52 million included $22 million in cash and a $30 million investment in construction and maintenance improvements necessary to reopen and operate the entire campus .

The $13 million increase over the second offer hopes to clear BSC of any outstanding debt.

“As a public institution, we must be good managers of public funds. Therefore, we hope that BSC administrators will accept our offer.

I want to reiterate that what is important is AAMU’s commitment to maintaining the entire BSC property as an academic institution focused solely on higher education. Additionally, we are committed to attempting to bring economic development and increased property values ​​to surrounding neighborhoods.

Shannon Frank Reeves, Sr., AAMU Vice President for Government Affairs and External Relations

Miles College also negotiating a purchase

AAMU’s announcement of its second offer follows Miles College’s announcement that it has signed a letter of intent (LOI) to begin negotiating the possible purchase of the Birmingham-Southern College campus.

What’s next? This story continues to develop. Watch this place.