By Barnett Wright
The Birmingham Times
Miles College and Birmingham-Southern College on Wednesday signed a purchase agreement for BSC’s 192-acre campus, the Birmingham Times has learned.
An announcement is expected this afternoon.
Both Boards of Trustees have unanimously voted to enter into a purchase agreement, following a letter of intent signed by the two schools in June.
“We are very pleased to take this next step with Miles College,” said BSC President Daniel B. Coleman in a statement. “Our hope has been to find a buyer whose mission paralleled BSC’s mission of educating young people for lives of service and significance, and whose presence on the Hilltop would also benefit the surrounding communities who have been such good neighbors to BSC for more than 100 years.”
Birmingham-Southern College ceased normal operations in May following an 18-month effort to obtain bridge funding from a $30 million state loan program conceived and enacted to save the 168-year-old liberal arts institution.
Both Miles and BSC have “roots” in the Methodist tradition of service and a commitment to preparing young people for lives of leadership, Coleman said. “We will continue to work diligently with President Bobbie Knight and her team to ensure a smooth pathway to closing the sale.”
Birmingham-Southern College was founded through the merger of two Methodist colleges in 1918. Miles College, a private historically black college in Fairfield, Alabama was founded in 1898, by the Christian Methodist Episcopal Church (CME Church).
Miles leaders say the planned purchase will likely enhance the economic impact of the school that generates nearly $70 million annually for its local and regional economies and creates hundreds of direct and indirect jobs, according to the 2024 HBCU Economic Impact Report.
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“It is clear that institutions like Miles College continue to serve as powerful engines of economic growth and opportunity,” said Miles College President Bobbie Knight. “For generations, Miles College has been a cornerstone of progress in our community. This opportunity is a significant next step in our vision to lift our college, campus, and community.”
Knight and Coleman say they will work together to cement the legacy of Birmingham Southern and the future of Miles College. “The purchase agreement is for the physical property – acreage and buildings – but not the College itself,” Coleman said in a statement. “BSC will continue to operate as a corporate entity through the remainder of the wind-down, which includes wrapping up a range of business matters.”
Knight added, “we are carefully and thoughtfully constructing and curating our next chapter to provide tools and resources for our students to have the highest possible opportunity to succeed. While at the same time, we are positioning our professors and stakeholders to drive research and innovation that will lead to transformative products and services.”
The president continued, “We have secured partners to join us in creating a consortium for Centers of Excellence and we are pursuing funding partners including the City of Birmingham to frame the best possible outcomes for all involved.”
Once the sale is complete, BSC will work with the Alabama Attorney General’s office to develop a proposed plan for the College endowment and will then seek court approval of that plan as is required by state law, according to the statement. “We expect that process will take many months or even years to complete, and we will communicate with our endowment contacts once we know more,” Coleman said.
Miles officials say the acquisition of BSC’s campus will allow academic programs, research, and innovation to thrive in a collaborative environment with local and global partnerships.
The school has a rich history of social and economic change, including its role in the Civil Rights Movement and its graduates who have made history and blazed a trail of national prominence in civil rights and social justice, law, medicine, business, and education.
This story has been updated at 2:48 p.m. on 9/25/2024 to add additional comment from Miles President Bobbie Knight.
