San Francisco Theological Seminary, which has been operating in Marin County since 1892, has signed an agreement with University of Redlands, aimed at turning the 14-acre hilltop site into its Northern California campus.

The agreement in principle, announced Feb. 25, would turn the San Anselmo seminary into the eighth campus for University of Redlands and its new graduate school of theology. The Southern California-based university also plans to offer programs by its schools of business, education and continuing studies for San Francisco Bay Area students. Also envisioned are Marin County programs for students in the university’s college of arts and sciences and school of music.

“While the University assumes SFTS’s debt, this is more than offset by substantial tangible assets and other benefits, which will be realized immediately and over time,” University of Redlands wrote in a website explainer about the agreement. “These include a significant endowment, a valuable property, current tuition-paying students whose numbers are expected to grow through establishment of the broader Graduate School of Theology, endowed faculty scholars, and access to a major new market.”

The seminary opened with 20 students and now has about 225 students enrolled in its programs, which include Master of Divinity, Master of Arts in Theological Studies, and Doctor of Ministry degrees, according to the the institution. The school has 45 full-time employees and a number of adjunct faculty members, a spokesman said. The seminary opened a Pasadena campus in 1990 but closed it in 2011 amid efforts to reduce expenses, wrote Marin Independent Journal, which broke the story.

The university and seminary have been exploring this arrangement for the past year, the Southern California institution wrote. And the two recently jointly launched a certificate in mental health counseling through the university’s schools of education and continuing studies and the seminary’s Applied Wisdom Institute, it said.

San Francisco Theological Seminary was started by the Presbyterian Church in 1871. Over time, it has become a multifaith institution.

University of Redlands was founded in 1907 and has about 4,600 students enrolled currently, taught by 232 full-time faculty members, according to the institution.

The agreement is set to be finalized in July. Other financial terms weren’t disclosed.

CORRECTION: The seminary opened in Marin County with 20 students. University of Redlands has about 4,600 enrolled for the 2018-2019 year and 232 full-time faculty; the institution had provided older figures.