The entire premises of Jake Memorial Baptist College on 11th Street in Sinkor, Monrovia has been leased by the leadership of the college for US$250,000,000 to a private institution due to what college authorities describe as 'increasing threat from sea erosion.'
The President of the college Rev. John K. Sackie made the disclosure while providing an overview of the lease agreement and a new campus during recent graduation exercises on the Old Road.
Rev. Sackie who did not disclose the name of the leaser, however said, since 2016 the college board of directors and leadership have been discussing possibility of leasing the current college property, so it was eventually leased to a private company for US$150,000,000 per annual.
He said the decision to lease the property is due to threat from sea erosion and high cost in maintaining the beachside property.
According to him, the college is planning to acquire a 'decent property' for future development.
He said following negotiation between the board of directors, leadership and the undisclosed leaser, the parties agreed the US$150,000,000 per annual will increase after five to seven years, in keeping with terms and condition of the lease agreement.
Rev. Sackie continued the leaser will also take five to eight years to construct a new campus on a land already acquired along the Monrovia-Robertsfield highway in accordance with the agreement.
According to him, the leaser will construct a dormitory, offices, student's center, classrooms and library at the cost of US250, 000,000, noting that the college will still operate at the 11th Street property, pending completion and official turnover of the new college campus.
The mission of the college is to glorify God by providing Biblically-based educational environment that will develop servant-leaders in honesty, obedience, wisdom, and service, while teaching students to live Jesus Christ with all their hearts, souls, and minds, including living by the principles of God's word and to equip learners for service and leadership in their churches, communities, and vocations.