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Evangel to sell CBC campus

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As it winds down operations at Central Bible College, Evangel University is planning to list the campus on the market for sale.

The university is slated to begin actively seeking buyers interested in the school's 108-acre parcel of land on North Grant Avenue, according to Evangel spokesman Paul Logsdon. The university is in the process of evaluating the campus to determine a listing price, he said.

Proceeds of the sale would go toward paying off CBC's more than $6 million debt load, Logsdon said. Surplus funds from the sale would be used to create an endowment fund for future ministry-based students at Evangel, he said.

The CBC campus continues to be used for student housing and a library with an extensive collection of theological books, Logsdon said, noting it would continue to be used for these purposes at least through the spring semester. The campus comprises nearly 40 buildings.

CBC was absorbed into Evangel as part of a consolidation with the university and Assemblies of God Theological Seminary. The consolidation was approved by the the North Central Association's Higher Learning Commission in April, one month after President-elect and CEO Carol Taylor was selected as the first female leader of Evangel, according to SBJ archives.

The Assemblies of God General Council voted in August 2011 to merge Evangel, CBC and AGTS into one entity known as Evangel University.

The combined Evangel debt load sits at roughly $30 million. The university announced this month it would reduce the size of its workforce by 5.8 percent and reduce its operation budget by about $1 million, according to SBJ archives.

Read more on the Evangel University consolidation in the Jan. 6 print edition of SBJ.[[In-content Ad]]

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