For a year now, BSC has been in discussions with Treasurer Boozer and, since June, the College has provided the treasurer with information that amply demonstrates the fact that it qualifies for a loan under the terms of the Act.
BSC is responsible for the payment of more than $13 million in taxes each year and has an economic impact on the State of Alabama of $97.2 million. It has offered collateral for the loan that exceedsthe amount of the proposed loan, including its 192-acre campus in west Birmingham and U.S. Treasury securities—regarded worldwide as the soundest possible collateral that can be offered.
Without the loan, it is a near certainty that BSC would not survive for the long term. Such a tragedy would come with a very real human, as well as economic, cost. Students’ academic careers would be disrupted in the middle of the academic year. The livelihood of nearly 1,500 Alabamians would be impacted. A billion dollars in economic impact would be lost over the next decade. And two vital and historic neighborhoods in our state’s largest market would be decimated.
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