In a telephone interview with the Herald, HC/HC Chief Administrator James Karloutsos, speaking on behalf of Father Triantafilou, confirmed the information about plans to purchase the property and said,
"We are in the process of (signing) a purchase agreement in order to obtain the property for $5.4-5.5 million."

Mr. Karloutsos added that, apart from the residence, the property includes a smaller building which will serve as an auxiliary building."

Asked about the School’s specific plans for the property and its development, Mr. Karloutsos said the existing house would be used as a "residence for the president in the future," adding that, even though the School is not planning on constructing any new buildings in the near future, a student residence is in the School’s plans for the next decade.

In a separate interview with the Herald, HC/HC Chief Financial Officer Charles Krol said, "there are no decisions as of yet in regards to the use of the house, but there is a possibility of it being used as a presidential residence."

Mr. Kroll explained that, "we have not signed an agreement yet," and confirmed the house’s worth at $5.4 million.

Asked about how the School plans to finance the purchase, Mr. Krol said financing will come from "sources which fund non-profit organizations, and the interests rates are currently very low," adding that pledges have been made "from various donors, so the School will not be burdened with (contributing) from its own funds for the first year. The fundraising campaign has estimated that the property will be paid off within the first three years."

Mr. Kroll also pointed out that the "property will serve as a buffer zone between the School and its neighbors. Our initial ten-year plan does not predict the erection of other buildings within the Barletta Property, but that doesn’t mean we won’t be making any changes in plans in the future." He also clarified that "a student center will not be erected in this property."

Asked about the School’s current financial state, Mr. Kroll said it was "very good. The greatest donation we have received so far is a 380-acre property in Texas," he said, adding that he was preparing to sign a cross-purchase agreement "for less than $2 million" shortly.

"That is true," he said, "and there is a $100 thousand check here from the Archdiocese, which I am expecting to cash." The Archdiocese, based on its Clergy-Laity Congress approved budget, is obligated to contribute $1.2 million to the Holy Cross Greek Orthodox School of Theology each year.

According to the School’s director of admissions Sonja Daly, Hellenic College is expecting "20 to 25 new students this September, while the School of Theology is expecting 43 to 48 new students," thus keeping total enrollment in both institutions at about the same level as last year’s enrollment. The annual budget for both schools is estimated at $10 million.



Volume 7 Number 30 - Tuesday, July 26th, 2005	A Publication of the ORTHODOX CHRISTIAN LAITY