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Do IT this week: Layering
Odd Corner owner decides to leave fortune to rival of alma mater
By Carol Biliczky
Beacon Journal staff writer
Published on Thursday, Apr 17, 2008
Harry Jackson may be best known as the owner of the Odd Corner, a shop that sells erotica, tobacco and whatnot on the edge of the University of Akron campus.
But he meant to leave a more lasting impression — money for scholarships at UA.
That changed this week when he announced he's transferring his substantial bequest — $2 million, which he said is now one-third of his estate — down the road to benefit gay, lesbian, transgender and bisexual students at UA's chief rival, Kent State University.
Jackson said he selected Kent State because many of its students come from Summit County.
''I'm giving Kent the same
deal I was going to give the University of Akron,'' said Jackson, a three-time alumnus of UA and former tax attorney for BFGoodrich.
He said he shifted his endowment because he was unhappy that UA pursued eminent domain against his store, which had anchored the corner of Union and East Exchange streets for 35 years.
He said he told UA officials years ago that he would bequeath a third of his estate to the university if they would not sue him for eminent domain. He said he included the promise in his trust and gave UA a copy of his trust agreement.
When UA officials proceeded to buy up land for a stadium and residence hall and Jackson balked at selling his store, the university sued him — as well as five other property owners in the area — for eminent domain.
Eventually, UA and Jackson agreed out of court on a price — $443,460 for the property, lost profits and moving expenses, among other things.
The deal is typical of many that UA has extended to sellers who have been displaced because of its expansion plans.
But UA sweetened Jackson's deal with the promise in his sales agreement that it would not pursue eminent domain on his new store at 360 E. Exchange St. as long as he owns it.
Jackson paid $400,000 for the new property on the south side of Exchange Street earlier this year.
The university is almost certain to want that property in coming years too, as that's the site for its intramural ball fields.
So to make sure it would have the chance to buy that property when it becomes available, the university agreed to pay Jackson $56,540 for the right-of-first-refusal, according to UA records.
That amount, which brought Jackson's total payments to $500,000, did not go before the Ohio Controlling Board, as the property sale did. It was uncovered in a public records request by the Beacon Journal.
UA spokesman Ken Torisky said the university was interested in the same property that Jackson was, but decided to back away because it was trying to ''accommodate someone we were moving through eminent domain'' while keeping its eye on the property for future expansion.
For Kent State, Jackson's brouhaha with UA has turned into a gift.
''Harry's issues with the University of Akron aside, what has remained consistent is his commitment to education and the sexual minority community,'' said Joe Macedo, Kent State's associate vice president of gift and estate planning. ''Kent State was his selection (to continue his philanthropy). We're delighted.''
Macedo said Jackson's gift was a ''significant'' bequest for Kent State, among the top five that have come to fruition.
It gets off the ground today when Jackson formally donates his first $25,000 to Kent State. He also plans to contribute in coming years, although the vast majority of the money will not be available until he dies.
The money will be used for scholarships, programs, speakers and travel to conferences — virtually anything that would benefit gay, lesbian, transgender and bisexual students.
As for the Odd Corner, it will no longer be on a corner when it opens at its new location April 28.
But it will continue to offer T-shirts, bumper stickers, incense and posters — apparently for as long as Jackson chooses.
Carol Biliczky can be reached at 330-996-3729 or cbiliczky@thebeaconjournal.com.
Harry Jackson may be best known as the owner of the Odd Corner, a shop that sells erotica, tobacco and whatnot on the edge of the University of Akron campus.
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