City of Tuscaloosa holding meeting to discuss Stillman College financial crisis

TUSCALOOSA, Ala. (WIAT) — In just a few days, the City of Tuscaloosa will hold a special called meeting to decide to help Stillman College through a major financial crisis.

Mayor Walt Maddox says it is the right thing to do.

“For too long, we’ve forgotten what an asset Stillman College is to Tuscaloosa,” Maddox said. “In this hour of need, it is time we reconnect our community with Stillman College and support this historically Black college, and we do what we can to make sure it continues to be a beacon on the hill. Not only for West Tuscaloosa, but the entire region.”

Stillman College President Dr. Peter Millet asked the city of Tuscaloosa for a $650,000 loan to help cover its operating expenses. Mayor Walt Maddox says he wants to help Stillman, and that the city and five local Tuscaloosa banks agreed to a loan of $1,050,000.

Mayor Maddox says the City Council will make a decision on Friday at 1:30 p.m.

“If the deal is approved, the funds would by fronted by the five banks,” Maddox said. “The city would guarantee the $ 650,000 if Stillman fails to make payments. If that happens, the city would get 40 acres of the Stillman property, including athletic facilities.”

In 2015, Stillman announced they were cutting all sporting programs except Men’s and Women’s basketball to help the college save money.

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