A federal judge appointed a receiver Friday to take control of the assets of Notre Dame College, clearing a major hurdle for the sale of the 40-acre campus in South Euclid after the college closed in May 2024.
Judge Charles Esque Fleming signed the order appointing Aurora Management Partners and David Baker as the receiver for the property. Bank of America, the college's creditor, had sought the order earlier this year, alleging Notre Dame College had defaulted on roughly $20 million it owed. The debt relates to a bond the college took out in 2008 to pay for facilities work on campus, court records show.
The order excludes the receiver from tapping into the college's endowment fund, or any other money that might be owed to the state related to a lawsuit filed by the Ohio Attorney General earlier this year. That suit alleges the college had illegally spent money from its endowment fund on operations. That case continues in Cuyahoga County Common Pleas Court, with Bank of America being dismissed as a plaintiff on Oct. 21.
Michael Love, director of planning and development for the city of South Euclid, welcomed the news Tuesday. Love said the city's hope is for the sale to move "expeditiously" so that the city can see some movement toward the revitalization of the dormant property, which contains residence halls, athletic fields and more.
"It's a good next step forward to see the property hopefully get marketed for sale, hopefully sold and restored to productive use with someone coming in," Love said.
Notre Dame College closed in May 2024 after more than 100 years in South Euclid, after leaders said enrollment and debt became insurmountable challenges.
At least one other legal challenge remains for the college's former leaders. Two lawsuits filed by South Euclid Council President Justin Tisdale and former college employees Len Barker and Peter Corrigan in Cuyahoga and Geauga counties have been dismissed, but they have appealed. The plaintiffs in those cases allege that the college could have been saved and that former leaders were negligent and profited off the closure of the school.
