The Trustees of the Estate Belonging to the Diocese of Long Island, in support of the ongoing work of The General Theological Seminary, have agreed to support the Seminary’s efforts to finance two major projects: the geothermal heating/cooling system and the Desmond Tutu Center.
Specifically, the Trustees have agreed to guarantee a portion of the debt incurred by GTS.
In support of that $5 million dollar guarantee, the Trustees have received collateral in the form of a lien on the premises that constitute the principal properties of the Seminary. This is a short-term arrangement: working with the GTS board and staff a long-term financing arrangement will be pursued.
Many seminaries draw their student body from the immediate surrounding geographical area, and notwithstanding that General Theological Seminary is a Seminary of the Episcopal Church USA, many of its graduates are from the New York metropolitan area.
 |
| Discussions on the seminary lawn. |
As a result, there are long-standing ties between the Diocese of Long Island and GTS. Therefore the Trustees felt that a close sister organization of the Episcopal Church was deserving of our support, and thus agreed to extend the guarantee.
Questions regarding this arrangement should be addressed to John H. Andren, Jr. via email at andren17@earthlink.net or by telephone, 212 410-9234, during daytime hours.
www.gts.edu
Webstie of The General Theological Seminary
www.tutucenter.org
Website of the Desmond Tutu Center at GTS
Click here to read article
about the GTS geothermal project.
