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The Tower of Magi was constructed as a safe place for all who use the Arcane Arts (Sorcerer, Wizard, Warlock)
The Tower is run by three of the most powerful – and respected – of each Class (Sorcerer, Wizard and Warlock) so that each of them can speak fairly about their methods of Study of the Arcane.
Powerful tomes of Spellbooks and ancient Magical Relics are stored in the Tower, both for safe keeping, and for study.
The Tower also welcomes students, to begin their studies (Sorcerer, Wizard, Warlock). There are those of that Order who live in the Tower, which are typically assigned to Students who might be at the Tower studying.
Other classes, who are able to wield magic (Arcane Fighters, Bards, Clerics, Druids, Rangers, etc.) are welcome to attend when the Order (the Highest Sorcerer, Wizard and Warlock) make the Tower present on the Prime Material Plane.
The Tower normally resides in something similar to the Astral Plane, in order to keep the Tower safe from attack.