Major Gift and Opportunity Presented to MVNU
September 30, 2013
MOUNT VERNON, Ohio - Mount Vernon Nazarene University has received a significant gift and opportunity in partnership with Ariel Corporation through the purchase and planned renovation of The Curtis Inn in historic downtown Mount Vernon.
A number of weeks ago, Karen Buchwald Wright, of Ariel Corporation, approached Mount Vernon Nazarene University with a proposal to purchase the Curtis Inn property and completely renovate it, so that the University could operate it as a hotel. After careful review, coordination with Ms. Wright, the cooperation with the Administration of the City of Mount Vernon, and the Executive Committee of MVNU's Board of Trustees, the University enthusiastically accepted the offer. The property was purchased at auction on Friday, September 27, at a price of $433,333, by local attorney, Clinton Bailey, acting on behalf of MVNU using funds provided by Ariel.
The project will be a joint partnership between Ariel Corporation and MVNU. Ariel has agreed to provide the resources necessary to update and renovate the existing property but did not wish to oversee the renovation or operations of The Curtis Inn as a business venture. MVNU has agreed to oversee the restoration in cooperation with Ariel and to operate it as a working hotel once completed. The resulting collaborative investment will continue to enhance the communities of Mount Vernon and Knox County for years to come, providing economic and employment opportunities, additional accommodations for tourists and out-of-town guests, and a substantial upgrade to the appearance of Mount Vernon's historic downtown district.
"This is a tremendous opportunity for the City of Mount Vernon, Knox County, and MVNU," said Dr. Henry W. Spaulding II, MVNU President. "We are privileged to partner with Karen Wright and the Ariel Corporation on such an important venture, and we are confident that this investment will result in significant business development, growth, and economic opportunity for our community. This gift will be one of the largest in the history of the University. Ariel intends to partner with the University to make the new facility a signature building in Mount Vernon and Knox County. It will be our honor to work with Ms. Wright to make a difference in the lives of the people of Mount Vernon."
While the preliminary structural analysis has taken place, President Spaulding has authorized a continued study by architects in order to present a final proposal in consultation with Karen Wright, City Officials, and the MVNU Board of Trustees.
Mount Vernon Nazarene University is a private, four-year, intentionally Christian teaching university for traditional age students, graduate students and working adults. With a 400-acre main campus in Mount Vernon, Ohio, and several convenient Graduate and Professional Studies sites throughout the state, MVNU emphasizes academic excellence, spiritual growth and service to community and church. MVNU offers an affordable education to more than 2,500 students from 32 states and seven countries/U.S. territories.