The boards of Antioch University and the Antioch College Continuation Corp. announced a “historic agreement”Tuesday, June 30, for the creation of the new college. The corporation will pay $6.08 million to obtain the Antioch College campus, its endowment and Glen Helen nature preserve.
Both boards unanimously voted in favor of a set of definitive agreements for the creation of the college, including the transfer of the Antioch College campus and endowment. Both boards hope to transfer the assets by Aug. 31 if all conditions are met.
“It’s an important day for Yellow Springs,” Eckenrode said.
Jillyanna Morris of Glen Garden Gifts said the florist “delivered lots of flowers all over town congratulating various people.”
Phillip Bottelier of Yellow Springs said he hopes the college doesn’t make the same mistakes that caused it to close in June 2008.
“The only way to survive is to really get innovative,” Bottelier said. “So I’m hoping they’re not going to try to stick to the status quo anymore, but really try to make changes.”
The agreement announced Tuesday is only the first step toward reviving the school that closed in June 2008.
The deal reached by the boards of Antioch University and the Antioch College Continuation Corp. must be approved by state officials, including Ohio’s attorney general, and the university’s bond holders. The two boards also must sign several operating agreements, said Arthur Zucker, chairman of the university board of governors.
“Our expectation is that the culture of collaboration that we’ve established through this task force will take us through all these steps as we move toward a closing,” said Matt Derr, the corporation’s chief transition officer.
"We’re going to use this next interim period to engage the alumni in support of the college fundraising and in a broad strategic plan for the future of the college,” Derr said.
Plans call for a small, first-year class in fall 2011. The undergraduate, residential liberal arts college will start with an operating budget of $4.5 million, which will grow with its enrollment, Derr said.
Antioch College had an $18 million budget in 2007, when university trustees said the college faced a $10 million deficit.
Antioch University closed Antioch College on June 30, 2008, because of declining enrollment and other problems. Since August 2008, however, the university has been negotiating with the Antioch College Continuation Corp. to create a new Antioch College that would be independent of the university.
Plans also anticipate a college of about 600 students on a smaller campus.
Restoring the shuttered, 157-year-old campus will be a challenge, Derr said. Buildings are in disrepair.
“We have some significant work to do, and that’s certainly the focus of what will be a major capital campaign on behalf of the college.” Derr said.
Founded in 1852, Antioch College was a private, undergraduate liberal arts college known for its unorthodox education and social activism.
The residential college in Yellow Springs was the flagship for Antioch University, which operates five other campuses: Antioch McGregor, also in Yellow Springs; Antioch Los Angeles; Antioch Santa Barbara; Antioch Seattle; and Antioch New England in Keene, N.H. These schools focus mostly on training adults already in the workforce.
The agreement also presents an economic opportunity for Yellow Springs, said Lee Morgan, chair of the corporation board.
“The government of Yellow Springs is very anxious to see that campus re-invigorated and become an economic driver in Yellow Springs, along with the university’s McGregor facility,” Morgan said.
Antioch College’s enrollment dropped from about 2,000 students during its 1960s heyday to 400 in June 2007, when university trustees declared financial exigency for the college.
The Antioch College Continuation Corp., a nonprofit corporation of alumni and former trustees, made several unsuccessful attempts before June 2008 to keep the college open.
Contact this reporter at (937) 225-2419 or dlarsen@DaytonDailyNews.com.
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