Finally, the College Is Sold
Long Island University has accepted the State University at Stony Brook's offer to buy its Southampton College campus for $35 million.
Senator Kenneth P. LaValle said yesterday that the agreement will now go back to the state university trustees for their ratification, which is expected to take place at a meeting on Wednesday. He said that the state university's acting chancellor, John R. Ryan, will make an official announcement after that meeting.
According to Mr. LaValle, the offer did not include any lease-back arrangements for L.I.U.'s graduate programs and radio station.
The State Legislature voted to include $35 million in this year's budget for the purchase of the campus, including $5 million for needed improvements to its facilities. Even though that left $30 million for the purchase, Mr. LaValle said that the language of the legislation allowed for some flexibility in negotiations.
New York State and Stony Brook representatives have said that they would like the deal to be completed as soon as possible so that a solid plan can be made to bring an undergraduate honors program focusing on environmental sustainability to the campus. Shirley Strum Kenny, the Stony Brook president, and the university faculty have been outlining such a program since last year.
Mr. LaValle said that L.I.U. has indicated that it will cooperate with Stony Brook as it tries to move forward to have a student body of 500 to 800 students return to the campus in September.
Even after the chancellor ratifies the agreement, the state attorney general, comptroller, State Education Department, and other officials will have to approve the terms.
"It's perfunctory, but the bureaucratic process is time consuming in order to get all the i's dotted and t's crossed," Mr. LaValle said. "This is just one more happy event in a long process to get us to the point where students arrive on campus in September '06." Many months could pass before the state grants full approval.
Everyone would like to see the deal finished soon, Mr. LaValle said, adding that L.I.U. would lease the campus to Stony Brook if necessary so that it could begin work there.
The state university took over Southampton's undergraduate marine science program earlier this year and began offering a few classes and labs this semester. Long Island University has continued to offer graduate-level classes in writing and education at the campus. The school also began a new program in homeland security, but will offer many of those classes online.