MILL VALLEY, Calif. (BP) — Golden Gate Baptist Theological Seminary has finalized the sale of its property near Mill Valley, Calif., setting aside funds both to purchase a new campus in Southern California and add $50 million to its endowment.
The sale agreement for Golden Gate’s Mill Valley property included a base price of $85 million, along with other terms financially advantageous to the seminary, including a favorable lease-back rate; the ability for the seminary to remain fully operational in the Mill Valley location for two years; and the seminary retaining revenue earned through rentals and other uses of the property during the lease-back period.
Jeff Iorg, Golden Gate’s president, praised the seminary’s board of trustees for their fiscal discipline in reserving significant proceeds from the sale for the seminary’s endowment.
“We are delighted this first phase of our relocation is complete,” Iorg said. “It took us 70 years to gather an endowment of $21 million. Increasing our endowment by another $50 million in such a short time is amazing.”
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