College Trustees Meet Today on Group’s Offer for KOCE

The Coast Community College District board of trustees will hold a special meeting today to determine whether a foundation of business and civic leaders have come up with the cash to buy KOCE-TV Channel 50.

Under terms of the district’s sales agreement with the KOCE-TV Foundation, the group had until Wednesday to demonstrate it could make the $8-million down payment.

“It does appear that everything’s OK,” said board President George Brown, who met with foundation leaders earlier in the week.

“I’m feeling very good about it.”

Joel Slutzky, chief executive officer of Odetics Inc. and a member of the foundation board, agreed: “It’s looking good.”

But even if the financing is worked out, more hurdles stand in the way of the deal to preserve Orange County’s local PBS affiliate.

Daystar Television Network, the nation’s second-largest Christian broadcaster, has maintained it is the “highest responsible bidder,” as required by the state education code.

The network made a cash bid of $25.1 million, an offer later sweetened to $40 million.

The trustees accepted the foundation’s bid of $28 million, which included the $8-million down payment with the rest to be paid over 30 years at no interest, with no payments for five years.

In April, Daystar appealed a Superior Court judge’s ruling that approved the sale.

In May, it petitioned the Federal Communications Commission to block the sale and deny the license -- a move that could stall the process for months.

The FCC and appellate court have yet to rule.