Judge Asked to Approve Dana College Sale
It's been 3 years since the last Dana student stepped on campus, but new students are on the horizon. Monday the receiver for the Dana College property, Cordes and Co., asked a judge to approve the sale to Midland University. They have to get court approval to sell the property because of the outstanding debts when they took over.
"We've worked for quite a while to try to get the property sold,” said Mark Wagner, the Receiver for the Dana College property. "There was a significant amount of bond holder debt. It was in excess of $10 million, the bond holder debt."
It’s still unknown how much Midland University has agreed to pay for the former Dana College campus. Both sides have asked for the purchase agreement to be sealed at least until after the sale goes through.
This is the third deal for a possible permanent tenant on campus. The two previous buyers couldn't come up with the funds to complete the sale. The receiver doesn't see that being an issue this time.
"More confident because we believe that the funds are there. We've done some validation, we've got a significant amount of earnest money, and we're confident that the funds are there," Wagner explained.
Judge John Samson will now take the sale under advisement.
Midland University says they're set to close on the property on July 19th, and hopefully have the campus open to students in the fall of 2015 or 2016.