WHEREAS, pursuant to S.C. Code Ann. §59–125–1, et. seq., the Board of Trustees of Winthrop University is created and established as a body corporate for the purpose of effectuating the educational mission of Winthrop University; and
WHEREAS, the Direct Financing instrument for The Courtyard property is now set to mature on August 27, 2025, having been extended by Wells Fargo, the current holder of this debt, to that date; and
WHEREAS, Wells Fargo has stated this is the bank's final extension because the project is outside of its portfolio and it no longer wishes to hold the debt; and
WHEREAS, the appraised value of The Courtyard at Winthrop is $29.6M and the current loan balance is $9.5M; and
WHEREAS, at its annual meeting held on July 25, 2024, the Winthrop University Real Estate Foundation Board discussed financial options and, to the extent it is determined to be in the best interest of the University, requests to move forward with the transfer of The Courtyard to Winthrop University; and
WHEREAS, President Edward A. Serna concurs with the Winthrop University Real Estate Foundation Board's recommendation and requests approval by the Board of Trustees; and
WHEREAS, approval by the Board of Trustees of Winthrop University is required by the State of South Carolina in order to proceed with other State approvals, including by the Joint Bond Review Committee, which will meet in January 2025, and the State Fiscal Accountability Authority, which will meet in February 2025; and
WHEREAS, the University has all materials prepared to submit for the October 31, 2024, deadline for the above-mentioned State approvals;
NOW, THEREFORE, BE IT RESOLVED that the Winthrop University Board of Trustees approves the process to seek approval
from the State to acquire The Courtyard property and grants the President, or his
designee, authorization to undertake all actions required for the acquisition.
BE IT FURTHER RESOLVED that the Acting Secretary to the Board of Trustees shall certify
that the Winthrop University Board of Trustees approved this resolution on the 24th
of October 2024 in a regularly scheduled meeting. Such resolution shall be maintained
and publicly posted by the Secretary of the Board in a time and manner as required
by law.
