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Statement of the Archdiocese of Boston and Boston College on sale of part of Brighton campus

4/20/2004

The Archdiocese of Boston and Boston College have reached an agreement in principle for the purchase and sale of 43 acres of the Archdiocese's Brighton campus which includes the former archbishop's residence and adjoining acreage for a purchase price of $99.4 million.

An additional proposal for the acquisition by Boston College of the Lake Street Tribunal property in two years for a purchase price of $8 million has also been agreed to in principle. As previously announced, proceeds from the sale of these properties will be used to pay off the $90 million in loans taken out by the Archdiocese of Boston in payment of the legal settlement of cases involving clergy sexual abuse of minors.

"I am pleased that we were able to come to an agreement in this matter so quickly," said Archbishop Sean O'Malley. "It was very important for us as an Archdiocese to clearly show how the funds for the settlement were raised. While I am saddened that a large piece of our Brighton campus had to be sold to this end, I am pleased that the offer by Boston College was the one that we accepted at the end of the sale process. It is good that we have been able to keep the property within the Catholic family."

"This agreement in principle is a milestone event for Boston College, and I believe it greatly benefits not only Boston College, but also the Archdiocese of Boston and the wider community," said Boston College President William P. Leahy SJ. "Purchasing this land is a major expenditure for BC, but it helps meet our longstanding need for additional space for playing fields and other campus facilities. I look forward to completing the process with the Archdiocese of Boston and to working with our neighborhood groups and the City of Boston in the months to come."

In addition to these proposed sales of property, Boston College and the Archdiocese have reached agreement in principle on two additional proposals as to the Brighton campus and the Chancery and St. John's Seminary properties on it. Under the contemplated agreement, if the Archdiocese of Boston decides to sell the remaining Chancery property within the next ten years, Boston College is required to purchase the property for $20 million dollars. In the case of the remaining St. John's Seminary property, under the contemplated agreement, if the seminary were to be sold within the next ten years, Boston College would be required to buy the property for $40 million plus an adjustment over the last five years of the agreement. At the end of the respective option periods, Boston College would no longer be required to purchase the properties at the set price but would still retain the right of first refusal regarding any future sale of the properties.

It is the expectation of both the Archdiocese of Boston and Boston College that the final closure date of the sale is to be June 30, 2004.