Rosen: ICAR land deal included $20 million gift

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Clemson spokeswoman Cathy Sams said in a statement that the university had received "certain real estate options" from Rosen but had not yet determined their value.

Rosen said he sold and transferred to Clemson's real estate foundation a combination of contract assignments, option assignments and agreements at less than fair market value. "The total value of these donations exceeds $20 million," he said.

Rosen said the gift is the difference between what Clemson paid for the options and contracts and their market value.

Clemson originally tapped Rosen to help develop ICAR, the automotive research park the university is planning in Greenville. While working with Clemson to develop ICAR, Rosen acquired options to buy about 400 acres along Interstate 85 from the estate of the late Greenville industrialist John D. Hollingsworth. The plan was for Clemson to own about 100 acres and Rosen would develop Clemson's acreage and the rest of the property, Rosen said.

In January of 2003, however, a newly elected Gov. Mark Sanford initiated a review of ICAR that resulted in a wholesale restructuring of the land deal. Sanford said at the time that he had intervened to protect taxpayer interests, and he characterized Rosen's arrangement with Clemson as a "sweetheart deal." In October, Sanford announced a new land deal that he said added about $134 million in value for Clemson.

The new terms called for Clemson's real estate foundation to buy and receive options from Rosen's company and ultimately own about 250 acres, Rosen said. So far, the foundation has paid nearly $7 million for 103 acres, according to the university. It retains options to buy another 147 acres.

Going on Clemson's land so far are a new graduate school of automotive engineering and a BMW research center focused on information technology.

Rosen, no longer officially part of ICAR, is pursuing a separate but integrated development, called Millennium Campus, on five properties that nearly surround the ICAR site.

Sams said in a statement that "Clemson acknowledges the receipt of certain real estate options from Mr. Rosen's business interests. However, the value of these transactions and other details remain to be determined. Therefore, we cannot confirm those figures."

Rosen said in a statement that he and his businesses are "privileged to contribute through this unique and complex economic initiative with Clemson University to the goal of successfully fueling the economy of the Upstate of South Carolina."