January 2004

Life to sell most of its campus to state university

Life University hopes to rid itself of much of its $30.7 million debt by selling most of its campus to Southern Polytechnic State University (SPSU) and leasing back about half the property, including classroom buildings. The campus, which was appraised in 2002 for $52 million, lies just south of SPSU and the two universities share a road. In exchange for the property, The SPSU foundation will assume Life's debt.

Although a federal judge restored Life's accreditation after it was revoked by the Council on Chiropractic Education, enrollment at the school plummeted and it faced severe financial challenges. In an Atlanta Journal‑Constitution article, Charles Ribley, D.C., chairman of Life's Board of Trustees, said the school's leaders did what they felt they had to do to keep the university open. "It's something we have to do, let's put it that way," he said. "So we can continue on with our program. It's not a negative. That's all I can say."

SPSU officials were excited over the prospect of expanding their own campus. "This would address our critical space needs and support our neighboring institution," Southern Polytech president Lisa Rossbacher explained. "It is a win‑win."

SPSU plans to use the Life property for laboratories, classrooms, recreation facilities and student housing for its approximately 4,000 students. The sale involves some 89 of the campus' 125 acres, including a building known as the "Tree House." According to an article by Karen Asay in The Sting, an official SPSU student publication, the building was built before the 1900s and housed the caretaker of Marietta's water supply.

"This building has a big commercial kitchen, a dining room, and many meeting rooms. Dr. Rossbacher hopes that it can be used as a fundraising tool and for campus events since the student center has become very popular and SPSU organizations and faculty sometimes cannot get space for events," Asay reported.

The actual transfer of property is scheduled to take place by July 2004.