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State sending more money to Wesley College

Milton Pratt
Delaware Public Media

Wesley College is receiving additional state funding.

The state’s Higher Education Economic Development Investment Committee approved up to $3 million for private college in Dover.

Wesley requested $3.2 million late last year.

The money will come from the remaining balance FY 2020 balance of the Higher Education and Economic Development Fund. 

It’s in addition to $2 million already approved and distributed to Wesley earlier this fiscal year. The school has now received just over $6.3 million from the state.

Wesley officials have said they need the funds to meet requirements to leverage federal financial aid funding for its Delaware students as it seeks potential partners for a merger.

The state and Wesley College also signed a Memorandum of Agreement with conditions the college must meet in order to receive the additional funds - according to an Office of Management and Budget statement.

The conditions include drawing the funds on an as needed basis, giving regular reports to the state, and meeting certain milestones. 

The agreement also says if no merger is completed the school must hand ownership of the old Dover Public Library to the state. The school bought the library from the city of Dover for $1 in 2017.

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