$65M Offer: 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 bid of $52 million to $65 million.

In a statement released to Bham Now by Shannon Frank Reeves, Sr, AAMU’s VP for Government Affairs and External Relations, the college made the larger second offer on June 14th.

Alabama A&M increases bid $13 million

 According to Reeves, the first offer of $52 million included $22 million in cash and a $30 million investment in construction and maintenance upgrades needed to reopen and operate the full campus. 

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

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

I want to reiterate, what’s important is AAMU’s commitment to maintain the entire BSC property as an academic facility focused solely on higher education. Furthermore, we are committed to attempt to bring economic development and increased property value to the surrounding neighborhoods.” 

Shannon Frank Reeves, Sr, AAMU’s VP for Government Affairs and External Relations

Miles College also negotiating purchase

 AAMU’s announcement about their 2nd offer comes on the heels of an announcement by Miles College that they had signed a letter of intent (LOI) to start negotiating the possible purchase of the Birmingham-Southern College campus.

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