BRADENTON, Fla. — Atlanta Mayor Kasim Reed says a plan by the city to help the historically black Morris Brown College emerge from bankruptcy and help find a new Atlanta Falcons stadium site has been rejected.

The 132-year-old private, nonprofit college filed for Chapter 11 bankruptcy in August 2012 after investors holding $13 million of bonds called for payment, threatening foreclosure. The bonds were sold on behalf of the college by the Fulton County Development Authority.

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