DAYTON — A newly independent Antioch College moved one step closer to reality on Tuesday, Jan. 13, with the approval of a letter of intent by the boards of Antioch University and the Antioch College Continuation Corporation.

"This letter of intent seeks to protect the interests of Antioch University while creating the prospect for a newly independent and viable Antioch College," said Richard Detweiler, president of the Great Lakes Colleges Association. "This letter of intent, while not binding on the parties, establishes the framework to negotiate a more detailed and comprehensive definitive agreement."

Detweiler is the mediator and chair of a task force of alumni and trustee representatives that has worked since August 2008 to create a new, fully independent Antioch College.

The letter of intent, dated Jan. 9, between the Antioch University Board of Trustees and the Board Pro Tempore of the Antioch College Continuation Corporation outlines the terms and conditions under which the two boards intend to enter into one or more definitive agreements.

Under the basic terms and conditions of the transaction, Antioch University would license the right to use the name "Antioch College" to the independent college.

The independent college would acquire the right and title to assets including the Antioch College campus in Yellow Springs, the real estate comprising Glen Helen Nature Preserve, the "Antioch Review" periodical, the Coretta Scott King Center assets, and the real estate associated with the university's power plant.

Antioch University would retain assets including WYSO-FM (91.3) radio and its associated FCC licenses, the Antioch Education Abroad program, and the Kettering Building at 150 E. South College St. in Yellow Springs.

Cash provided by the independent college on the closing date would total $6.5 million, including $5 million cash at closing and $1.5 million for bonds payable.

The boards will attempt to finalize the definitive agreements within 90 days of signing the letter of intent.

Antioch College closed June 30, 2008 because of declining enrollment and other issues.

Contact this reporter at (937) 225-2419 or dlarsen@DaytonDailyNews.com.