Posted: Dec 11, 2012 12:10 PM by Associated Press
Updated: Dec 11, 2012 12:11 PM
COLUMBIA (AP) - Stephens College in Columbia will sell two properties to a foundation that plans to build a new college-preparatory academy.
The private college announced Monday that it planned to sell the properties to the Hagan Scholarship Foundation, which supports students from rural communities.
The Columbia Daily Tribune reports that the cost of the transaction was not disclosed.
The Hagan Scholarship Foundation was founded in 2009 by Columbia real estate developer Dan Hagan. He endowed it with $45 million to provide financial help for high-achieving students who attend public schools in counties with fewer than 50,000 residents.
The deal is contingent on Columbia rezoning the properties to restrict future use to match the agreement between Hagan and Stephens College.