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I'll pay you three cents on the dollar
The houses are private property. Colgate seems to be saying "Sell to us or else!"
I woudn't trust a University. Eminent domain exists for a public purpose, not to engage in social engineering. The threat to sell "or else" suggests to me an ulterior motive. Once the University owns the property then the former owners have no rights to it, other than, perhaps, a vague promise. I would suggest that you would not see any Greek houses in their previous abodes five years hence. They will be history.
In California public entities have used the power of eminent domain to take houses and then give the land to Walmart. I could see a University doing similar things. There would be no guarantee of any sort of Greek housing or any continuation of a Greek program at all.
The threat to withhold recognition of any organization that fails to sell is a tremendous hammer over the heads of the organizations. "Give us what we want or we will kill your organization" doesn't seem to be an exercise of the notion of good faith and fair dealings - but what do I know?
If I were faced with this so called "bargain" I would have to think long and hard before I'd bend over and take it from a University administrator. I certainly could not reccommend this "bargain" to a client as there are too many ways for the University to avoid playing fair.
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