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Elon law school one step closer to reality

The Business Journal
October 20, 2004

The possibility of Elon University creating a law school in downtown Greensboro came one step closer to reality Tuesday night when the Greensboro City Council approved the sale of the city's old Public Library on Greene Street to a subsidiary of the Joseph M. Bryan Foundation for $2.2 million.

The foundation plans to renovate the building and lease it to Elon University for $1 a year, turning ownership over to the private university based in Alamance County.

Under the terms of the sale, the foundation must make a $100,000 down payment and annual interest payments of 2.75 percent, with the full sale price due in 10 years.

The Elon Board of Trustees will vote late next week on whether to open the law school. In March, the trustees said they were interested in opening a law school in downtown Greensboro if the $10 million needed to open the school could be raised through private donations.

Jim Melvin, the president of the Joseph M. Bryan Foundation, took over as the lead fund raiser for the project and said Tuesday he was close to raising the capital needed.

Under terms of the sale, the Bryan Foundation can withdraw its offer if Elon chooses not to proceed with the law school.

If the law school is approved, classes are expected to start in 2006. The law school is expected to employ between 30 and 40 faculty members as well as support staff and will eventually have 350 students.