
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SATURDAY, October 16, 1993                   TAG: 9310160172
SECTION: VIRGINIA                    PAGE: C-3   EDITION: METRO 
SOURCE: 
DATELINE: LEESBURG                                LENGTH: Short

JAPANESE DEFAULT ON UNIVERSITY PROJECT

The Japanese investors backing an ambitious plan for a large international university in Loudoun County have defaulted on a $4.6 million mortgage and walked away from the project.

The university's Japanese backers included many prominent political and business leaders who were tarred by that country's recent real estate and bribery scandals. The investor group has signed away control of their site at Lansdowne, a huge commercial and residential project under construction by a Xerox Corp. subsidiary.

"They pulled the plug," said Terry Holzheimer, Loudoun County's economic development director.

The university project was launched in 1989 to improve cultural and business relations between the United States and Japan. Students from both countries were to study together in bilingual classes.

Katsuyuki Imamura, executive director of the university project, said he is disappointed, but intends to persevere with a scaled-back version of the project.

- Associated Press

by CNB