The Muskegon Community College Board of Trustees voted unanimously at its Feb. 22 online Board Retreat to accept a $1.17 million purchase offer, made by Chris A. McGuigan, on behalf of a non-profit Michigan corporation to be named later. The deal must be approved by the organization’s board when it meets this week.
The offer was first announced by McGuigan, the former executive director of the Community Foundation for Muskegon County, at the MCC Board of Trustees regularly scheduled monthly online meeting on Feb. 17.
“I cannot tell you the name because this is a contingent offer until next week, when the Board of Directors meets and approves it, and we do expect approval of the offer as it was written,” explained McGuigan at the time.
The MCC trustees went into closed session for nearly an hour to discuss the input received from its legal counsel.
“The Board of Trustees of Muskegon Community College knows who the non-profit corporation is,” said MCC Trustee Roy Portenga after returning to open session. “We feel this is a win-win for Muskegon Community College, the community, and the present members of the Lakeshore Fitness Center.”
In its motion, the MCC Board stated that it was accepting the offer to purchase agreement that was signed by McGuigan on February 21, 2021.
“The agreement is subject to the parties entering a formal purchase and sales agreement on terms and conditions that are substantially similar to and consistent with the terms and conditions set forth in the offer to purchase agreement,” noted the Board in its motion.
“The purchaser’s name will be made public and it’s not like it’s six weeks down the road,” concluded Portenga. “It’s in the very, very near future.”