The property on which Compass Academy was constructed will be prospectively purchased by Midland Valley Preparatory School for its relocation.
Aiken County Council will review a resolution to support the issuance of an Economic Development Revenue bond up to $6 million to the school.
These funds are coming from the South Carolina Jobs - Economic Development Authority, not the County itself. According to Aiken County Administrator Clay Killian, the law requires that the financing has to pass through the County but does not obligate the County financially or legally.
An auction of a 53,000-square-foot building on Toolebeck Road that would have been Compass Academy was canceled in October after a buyer was found.
The property had been the center of controversy for the past year after Jay Brooks and his companies, J. Brooks Financial and Brooks Real Estate Holdings, are accused by the state Attorney General's office of illegally selling unregistered securities to fund the establishment of Compass Academy.
The Brookses have also been accused by the Securities Division of the Attorney General's office of using those funds to buy groceries, their home, vacations and jewelry rather than investing the funds as promised.
Brooks, who faces multiple civil suits, was arrested in July and charged with one count of securities fraud. He was later released on bond.