Complex sentence: This Academy closed in 1845 due to a lack of funding; but in 1849, Bernard F. Lee opened his proprietary Lee's Girls Academy on College Street, and the Presbyterians opened a new Academy for boys.
Split into simpler sentences: This Academy closed in 1845 due to a lack of funding. In 1849, Bernard F. Lee opened his proprietary Lee's Girls Academy on College Street, and the Presbyterians opened a new Academy for boys.