News Release

FOR IMMEDIATE RELEASE                                                                                                          DATE: July 2, 2008                                                                                                             

CONTACT:  Renee Johnston, President & CEO, 989-755-0545

Saginaw Community Foundation close to purchasing Morley Building

The Saginaw Community Foundation is one step closer to purchasing the riverfront Morley Building in downtown Saginaw.

After the Saginaw County Board of Commissioners approved the $650,000 sale Tuesday, the Foundation will move forward and submit an option to purchase agreement to the County, said SCF President Renee Johnston. She plans to use the 31,420 square foot building at 1 Tuscola as a hub for nonprofit organizations. 

"The board's decision gives us more confidence and allows the process to be more official.  The final purchase is contingent on an agreement with the County, but we can remove our option to purchase at any time,� Johnston said. "The purchase will not only benefit the Foundation, but also the entire community and the downtown area. We are committed to being a permanent fixture in Saginaw acting as a philanthropic vehicle, a grant-making organization and a community leader.�

If SCF and County officials settle the agreement, the Michigan State Extension will remain in the building. United Way of Saginaw County will join the nonprofit at the Morley Building as leasing tenants. The president also said she will allow the MSU Extension and the County to use the 10,500 square foot basement for storage rent free until Jan 31, 2010.                                                                                                    
 
In addition, the building could house six or more tenants for leasing.

"As a grant-making organization, we stress the importance of collaboration,� Johnston said.  "The Foundation wants to set that example for other charitable organizations in the community. At this point, we are not trying to push out current tenants; we want to establish a working relationship with them.�

SCF is joining a trend that other community foundations in the state have taken advantage of.

"Owning a building is not a new concept for community foundations,� she said. "In the state of Michigan, a number of foundations have jumped on the opportunity. Some examples include Hillsdale, Flint, Midland, Grand Rapids and Muskegon Community Foundations.� 

Since the foundation is not using its own assets to purchase the building, it is currently seeking contributions from organizations. A move-in date has not been determined.

SCF is a nonprofit corporation dedicated to improving the quality of life in Saginaw County.  Its donors are individuals, families, corporations and organizations who establish charitable funds within SCF.  These donations, large and small, help create a permanent endowment for the Saginaw community � a lasting legacy in each donor's name that supports the work of area nonprofits and provides scholarships for outstanding young people.