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LCU Announces finalized sale of campus property

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Dear Friends,

Nearly one year ago - February 22, 2022 - we made an announcement launching a new initiative we called LCU to You. Along with academic changes and the creation of the Lincoln Christian Institute, we also stated our intention to pursue ways to right-size our campus to this new model. In June 2022 we announced that we were leasing a portion of our campus to Open Arms Christian Fellowship, and that an option to purchase was included as part of the lease contract language.

Today, I want to share with you that we have completed the sale to Open Arms. They purchased the Chapel, Laughlin Center, athletic fields, Ruth Hall, Titus Hall, and Alumni Hall for $3,975,000. LCU retains ownership of Restoration Hall, the Administration Building, the Warehouse, Timothy Hall, Harmony Hall, Henderson Hall, and 16 acres of green-space along Route 10 between Chapel View Drive and the former student apartments.

I am relieved to be done with something we've worked so diligently toward for months. I'm also happy to see facilities that we cannot use be put to good Kingdom use with people who have been, and continue to be, good neighbors to us over the last few months as they have leased that portion of the property.

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And, of course, I'm feeling sad and nostalgic. Like moving to a new house, or a new town, or watching a child leave the nest, I'll miss what once was. But with the realization that change is a part of life and of ministry, overall, I am deeply grateful that less than one year after our announcement of our LCU to You restructure, we have a campus that better fits our new model and have reduced our debt by more than half, to approximately $3.3 million.

These steps, while often painful, are making real progress. We ended this past semester without using our line of credit - something we have not been able to do in more than twenty years. That fact along with the sale to Open Arms that has now been completed also helped produce our first audit without a single finding, material deficiency, or weakness, since 2008.

We have all endured much, but there is also much to be thankful and hopeful for. Praise God from whom all blessings flow, and may we ever be wise and faithful with them.

Silas L. McCormick, JD, PhD

[Posted February 18, 2023]

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