Attorney General’s Review Stalling Saint Aug’s $70 Million, 105-Acre Land Lease Deal With 50 Plus 1 Sports

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Good morning, readers.

A $70 million deal to lease Saint Augustine University’s land and build a mixed use development is on hold pending review by the Attorney General’s Office.

The proposed land lease, which comes at a critical time for the Raleigh HBCU, is a story INDY writer Chloe Courtney Bohl has been following closely.

Last month Monti Valrie, a managing partner of 50 Plus 1 Sports, told Chloe his company had signed a 99-year lease on SAU’s 105 acres and planned to build a mixed-use development on areas unoccupied by the main campus. The deal—$70 million up front for the land and a 65/35 split of revenue from the development—comes as SAU faces budget cuts, layoffs, tax liens, a lawsuit brought by alumni and former trustees, and millions of dollars in debt.

But the deal is stalled as the attorney general’s office completes a legally required review of the contract. Last week, SAU took the rare step of publicly asking the university community to contact Attorney General Jeff Jackson and Governor Josh Stein and urge them to expedite approval of the land lease, which, the university says, is “paramount to SAU’s financial stability and long-term sustainability.”

Read the latest on the stalled land deal here, and have a good Tuesday.

 —Sarah W.

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Durham

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Wake

State Rep. Joe John of Wake County announced his retirement amid a cancer diagnosis.

Orange

At a hearing last week, Chapel Hill residents spoke out against UNC’s attempt to amend a permit for its power plant to allow for the burning of paper and plastic pellets. 

North Carolina

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Across the Triangle, small crowds gathered to honor Martin Luther King Jr. Day and rally together as Donald Trump was sworn in as president.

The Triangle could see a little snow tonight, along with very cold temperatures.

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