On March 19, 2022, we reported that this transaction would occur.

Today, Stockton University has made it official.

Andrew Carnegie donated The Carnegie Library to Atlantic City in 1904, as a “gift to the residents of Atlantic City,” said Carnegie at the time. It was known for most of its 118 years as “The Carnegie Library.”

In 2009, Stockton University renamed it “The Carnegie Center.”

Here is a direct link to our previous coverage which revealed that this reverter clause transaction would be taking place:

Read More: Stockton Turning Ownership Of Carnegie Library To Atlantic City

Stockton had not been using it for educational purposes since vacating it in 2019, when they thought that they had reached a deal in principle with the Atlantic City Board of Education to swap The Carnegie Center for the Atlantic City Boathouse.

The swap never materialized.

The terms of the Deed to the Carnegie Library are unambiguous and provide:

“The Grantee (Stockton University) shall continue to use the building for the purposes of providing higher education for a curriculum in business administration, gaming hospitality and tourism (the "Restricted Uses") unless an alternative use is approved, in writing, by the Business Administrator of the City of Atlantic City.”

The reverter clause is triggered when:

“If the Grantee (Stockton University) fails to use the building for the Restricted Uses or an alternative use is approved, in writing, by the Business Administrator of the City of Atlantic City, the land and improvements shall revert to the City of Atlantic City with title and interest therein reverting to the City of Atlantic City.”

This is exactly where the matter stands right now. Stockton University is not currently using the Carnegie Library for educational and administrative purposes.

Stockton President Harvey Kesselman said reverting ownership back to the city will provide new opportunities for the city's residents and ensure the historic building remains in active use for their benefit.”

“Our understanding is that the Carnegie Center will be used to provide academic and other support services for at-risk teenagers and young adults in Atlantic City. We applaud those efforts and look forward to those students becoming future Ospreys here at Stockton,” said Kesselman.

Stockton University leaves The Carnegie Center better than they received it in 2009.

SOURCE: Stockton University

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