Olivet fails to close escrow on Scotts Valley campus
by Peter Burke
Apr 17, 2012 | 1677 views | 1 1 comments | 5 5 recommendations | email to a friend | print
The half-completed cafeteria stands partly-rusted on the Bethany University campus. Construction was stopped before the campus was vacated by Bethany last June. Press-Banner file photo
The half-completed cafeteria stands partly-rusted on the Bethany University campus. Construction was stopped before the campus was vacated by Bethany last June. Press-Banner file photo
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Olivet University failed to close escrow today, the April 17 deadline to purchase the 72-acre Bethany University campus.

Assemblies of God Northern California/Nevada District Secretary-Treasurer Jay Herndon said by e-mail the district's board will have to meet on Wednesday to discuss options. He said that more information will be available on Wednesday.

Olivet moved into the campus in August 2011 and began classes in September.

Olivet had previously asked for extensions to close escrow four times, and a deadline of April 17 was set by the District. It is unclear if they asked for a new extension at this time.

The Assemblies is in debt approximately $13 to $15 million related to Bethany -- and Olivet had agreed in principal to pay off the debt as the purchase price.



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Ken Smith
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April 18, 2012
Given all the questions that have been raised about Olivet University, I can’t say that I’m disappointed, though I know that this puts the NCN district in a pretty tough spot, and of course isn’t very good news for Bethany’s creditors either.


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