Commonwealth Purchase of Building on Baldwin

The Commonwealth of Virginia has ratified a contract for the purchase of NCI’s property, the Building on Baldwin, from the New College Foundation.

Senator Bill Stanley (R-20), the Chairman of the Board of Directors of the New College Institute (NCI) announced today that the Commonwealth of Virginia, by and through its agency The Department of General Services (DGS), has ratified a contract for the purchase of NCI’s property, the Building on Baldwin, from the New College Foundation (NCF). The final transfer of the property from the foundation to the state is pending.

NCI is a public educational institution of the Commonwealth established to: diversify the region’s economy through collaborative partnerships with public and private sector entities and the community at large; facilitate the development of an industry relevant trained workforce; and, expand education opportunities; and serve as an “in region” resource and referral center for existing educational programs, research, and technology resources.

The Building on Baldwin, a 52,000 square-foot, cutting-edge educational facility opened in 2014, and has provided the region with a multitude of accessible and affordable alternative educational opportunities.

Funding for the building was accomplished through grants from The Tobacco Region Revitalization Commission, federal and state grants, the Harvest Foundation, and private corporate and individual donations. The New College Foundation accepted and retained ownership of the building (as a recipient of the grant funding utilized to construct the building), until its recently announced sale to the Commonwealth of Virginia.

The Commonwealth of Virginia is purchasing the building from the foundation for $7,469,005of which NCF will derive a substantial financial benefit. NCF will now have available those funds needed to support NCI’s enduring commitment to economic diversification and educational attainment.

Sen. Stanley made the following remarks: “Virginia’s purchase today of the NCI Building on the historic Baldwin Block, a goal of the NCI Board of Directors in its long-term strategy for the continued success of NCI, has now finally been achieved. This purchase agreement now solidifies the Commonwealth’s permanent commitment to economic diversification and educational attainment. Virginia created NCI in 2004 as a promise to the people of Southside Virginia to provide an innovative way of providing educational and workforce training as a part of its economic revitalization strategy — today Virginia just reaffirmed that promise.”

Stanley continued: “With the proceeds of the sale, I am confident that the New College Foundation will now join with NCI to accelerate and expand economic and educational opportunities for our citizens in the region.”

 Interim Executive Director of the New College Institute, Karen Jackson made the following statement: “We are excited to embark on this new chapter, and we are especially looking forward to expanding our programming to accelerate economic development and educational opportunities.   Our recently announced programs and partnerships will only be enhanced by the availability of additional funding and direct oversight of our physical assets.”

Joseph Damico, Director of the Department of General Services (DGS) made the following statement: “We are pleased to work with the New College Institute and the New College Foundation to make this purchase a reality. Our real estate team worked with both parties on their shared goal of ensuring this state-of-the-art facility remains available to serve the educational and workforce needs of southern Virginia.” Richard Hall, Vice Chairman of the NCI Board of Directors, made the following statement: “This exciting step symbolizes the Commonwealth’s continued commitment to the vital role that NCI is playing to advance educational and economic opportunities in Southern Virginia. I believe this acquisition allows NCI the flexibility and autonomy necessary to serve as a catalyst for non-traditional economic development opportunities that tie in well with the Harvest Foundation’s current vision, and are in direct alignment with the economics priorities of the Commonwealth.”

The New College Institute is a public institution of higher learning.

Closing on the ratified contract for the sale of the NCI Building on the historic Baldwin Block will occur later this year.