Chapman University Makes Offer to Purchase Crystal Cathedral Property
Chapman University has submitted a proposal to purchase the property and facilities of the Crystal Cathedral Ministries in Garden Grove, California, for $46 million. The universitys proposal was referenced on Tuesday, July 5, in a filing made by the Committee of Creditors Holding Unsecured Claims in the court handling the pending bankruptcy proceedings for the ministry.
The nearly 35acre Garden Grove property is strategically located just three miles from Chapman Universitys City of Orange campus. The Cathedral is a wellknown icon in Orange County, and the surrounding property includes seven major buildings representing more than 329,000 square feet of space.
The universitys Board of Trustees authorized the proposal at its June 27 regularly scheduled meeting. The offer is designed to address community concerns about the uncertainty of the Crystal Cathedrals present situation, as well as provide growth opportunities for Chapman University.
Dr. Schullers lifelong message of courage and ambition closely matches the characteristics that are so much a part of Chapman University, said University President James L. Doti. 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.
The proposal would allow Crystal Cathedral Ministries to lease back the Cathedral and other property on the campus, with a purchase provision that could be exercised during the first four years of the lease.
Chapman University is celebrating its 150th anniversary this year. The school is home to seven colleges, educating nearly 7,000 graduate and undergraduate students. In recent years, the universitys reputation has been strengthened by unprecedented growth in its film and science programs.
Press release provided by Chapman University on July 5, 2011
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