Press Releases
News Release: For Immediate ReleaseSALT LAKE THEOLOGICAL SEMINARY COMPLETES SUCCESSFUL SALE OF SOUTH TEMPLE BUILDINGSchool will pay debt with proceeds and remain in building as tenantSALT LAKE CITY, April 23, 2007 - Salt Lake Theological Seminary today announced it has recently completed the sale of its building at 699 East South Temple. The seminary will remain as a tenant in the building and will pay off the majority of its debt as a result of the sale. “When we announced last November that the seminary would be restructured to meet financial needs, the Board of Trustees considered the option of selling the building to pay off debt,” said Board Chair Dr. Jeffrey Silliman. “Today I am pleased to announce that the recent sale will allow us to eliminate approximately 90% of our debt, including all current and aged accounts payable. In addition, we have signed a lease with the new owner that will allow the seminary to continue to occupy the current library, classrooms, and administrative offices while keeping our name prominently displayed on the building.” In September 2001, the seminary bought the three-story office building on the corner of South Temple and “I” Street, strategically located between the University of Utah and downtown Salt Lake. The school has never occupied more than 50% of the available space, leasing the rest to a number of small businesses. Over time, the financial and administrative costs of building ownership and tenant management have increased while the amount of space occupied by the school has been consolidated. “It became increasingly clear to the trustees that, as responsible stewards, we should get out of the business of being a landlord, sell the building, and use the assets to pay down debt,” Dr. Silliman explained. The ideal buyer proved to be a member of the local Protestant Christian community who is already a supporter of the seminary. “Of all the property investments this individual could have made, our building was the most attractive precisely because the seminary is an occupant,” Dr. Silliman added. The seminary plans to remain in its current location indefinitely. “Salt Lake Theological Seminary is now poised to move forward on a much more sound financial footing in our quest to serve the community with theological education and leadership development,” commented interim president Dr. Bill Heersink. “However, continued fund raising from donors and foundations will be essential for our future, as it is for the viability of all theological seminaries. Nationally, less than 20% of the cost of operating a seminary is covered by student tuition. We must turn to the community at large to partner with us in raising the rest of the funds we need.” The seminary is widely recognized as an asset to Salt Lake City and the local area, having received statements of support from prominent religious and civic leaders of diverse backgrounds. Recent seminary graduates are now serving in church leadership positions as well as hospital and police chaplaincy positions in various communities along the Wasatch Front and beyond.
About Salt Lake Theological SeminarySalt Lake Theological Seminary is the only graduate school of theology in the Intermountain West. Multi-denominational by nature, the seminary trains men and women from many different church backgrounds for leadership roles in the Christian communities of the Intermountain West. Students typically go on to become pastors, chaplains, missionaries, and Christian educators. More information can be found at www.slts.edu. ### For more information contact:
|