Olivet agreed to purchase the 70-acre campus from the Assemblies of God, Northern California-Nevada District in August 2011 following the closure of Assemblies-run Bethany University in June 2011.
However, the sale has not been finalized.
“The campus is still in escrow to Olivet University,” said Assemblies of God, Northern California-Nevada District secretary-treasurer Jay Herndon on Monday. “Olivet is fully committed to closing the deal.”
An April 15 deadline to close escrow is set, a deadline that has been extended four times at the request of Olivet, Herndon said.
The original escrow date was Nov. 30, then Dec. 29, then Feb. 29 and is currently April 15.
Herndon said the District has now engaged in a marketing effort to sell the campus in the event escrow does not close.
“We are facing a District Council (The district’s annual meeting) in April and we would like to have a definitive solution by then,” Herndon said.
Herndon noted that having Olivet using the campus is beneficial, and an option for the district would be to lease the campus to Olivet if the sale does not go through.
“(Olivet) is still very committed and they’re hopeful,” Herndon said.
A realtor listed a large sign on campus, but Herndon said the asking price for the campus is confidential. The sign was taken down shortly after it was put up because of Olivet's reassurances it would come up with the money.
Officials from Olivet confirmed on Tuesday that they will have the financing by April 15. The university is trying to tie the financing for the Bethany campus with another large piece of property in north Scotts Valley.
Classes are still in session at Olivet where students from around the world – learn about business and communication with an emphasis on Christianity.
Editor's note: This story was edited as new information came to light.