Weeks before it closes after more than a century, leaders of the College of Saint Rose in Albany appeared at a community meeting Thursday hosted by the Pine Hills Neighborhood Association.
On November 30th the board of trustees decided to shutter the private College of Saint Rose, citing mounting debt and declining enrollment. The city and the community have been wondering what will happen after May’s last graduation ceremony. Opening discussion at the Touhey Forum in the Lally School of Education, College President Marcia White promised "updates and answers."
"We know that the college is closing will have an indelible impact on you, our dear neighbors," said White. "We understand that this is where you live. This is where you raise your families. This is where you own your businesses, and this is where you connect. This is true community. Our commitment to the Pine Hills neighborhood is unwavering. It's important to us, for us to let you feel heard, and that you are heard."
White says she met earlier with city and county officials to discuss future use of the campus. She noted that information gleaned from those meetings along with neighbors' feedback is being shared with a subcommittee, the entire board of trustees and bondholders, as well as with "a real estate advisor" the college "will be choosing."
"I want to assure you that as long as the college owns this property, it is our responsibility and we will secure not only the maintaining and maintenance of the college but security as well. That includes keeping the lawn mowed. It means removing the snow, it means keeping the streetscape tidy," said White.
White says the immediate focus is on the students. That includes overseeing transfers to other colleges, finalizing teach-out agreements, even holding a summer session to help as many students as possible obtain a degree. The final commencement is May 11th.
"On May 18th, we'll be having 'Honoring Saint Rose Day.' This will bring alumni back to the campus for tours and closing ceremony," said White. "The board of trustees has a fiduciary duty to the college and are working diligently on a plan to wind down the college in an orderly and methodical manner."
Board of trustees chair Jeff Stone says the goal is to have the closure process completed by the end of the calendar year, but that date is flexible.
"The board will hire a real estate adviser to assess the value of the of the campus and work with us," Stone said. "The real estate adviser will meet with all of you, the Pine Hills Neighborhood Association and the community. Meet with the mayor, the county executive to receive input. We have already received more than 140 suggestions and recommendations through our Saint Rose campus ideas at Saint Rose e.d.u. email. These will all be shared with the real estate adviser and with the bondholders."
Stone says the property is expected to be marketed to educational institutions, local and national developers, senior living operators, nonprofit and government agencies and religious organizations. He added that for now, the sale of the campus as a whole is preferred, versus selling the properties piecemeal.
"Because the college owes approximately $50 million to bondholders in bondholder debt, the bondholders have the right to decide how the property is securing the debt will be disposed of, with the goal of maximizing recovery of their investments," said Stone. "They also have a significant input regarding the sale of other properties of the college. I'll say the conversations with bondholders are ongoing, and they are working collaboratively with us. The bondholders understand the concerns of the college and of the community."
But the community had questions about those bondholders. Who are they? Are they individuals or corporations? Stone replied: "Can't tell you a lot about the bondholders. They're not local? We believe that the majority are held by a couple of large bondholders... we don't know all the details on what they, who they are. Our advisors have been engaged with them. And they've been very cooperative."
Stone dismissed questions about other colleges possibly interested in Saint Rose property. "We're in preliminary discussions. And, but no, nothing's been formalized, and no decisions have been made yet. So that's really all I can say at this point. We have that we have signed a nondisclosure agreement. And I can't really say any more than that at this point," Stone said.
A question was raised about the fate of Saint Rose employees. Will they have extended health insurance benefits? Will they be offered severance packages? White responded: "We are having communications with our employees with our faculty. And I think that this is, you know, it's heartbreaking what we're going through, but we have to get through it together. And God always has a plan. It's not always a plan you expect. But God has a plan."
