Burlington College has executed a purchase and sale agreement with developer Eric Farrell today at its Board of Trustees meeting by unanimous vote. The deal includes an increase to two acres of public green space and another $150,000 to the school. The purchase and sale agreement mirrors the Memorandum of Understanding with one major difference. Of the 33 acres of property, the College will retain six acres and Farrell will purchase the balance.
Due to the ongoing cash flow needs of the College, the agreement now calls for a non-refundable upfront payment of $150,000 on December 19th, assuming conditions of the agreement are met. This means that $150,000 will be deducted from the sale price of $7,650,000 upon closing, scheduled for January 20, 2015. The Memorandum of Understanding had a sale price of $7,500,000.
In return Farrell will be sold approximately an additional 1.3 acres of open space that was identified in the Memorandum of Understanding, with the provision that this space must remain open and available to the College and the public. This 1.3 acres, combined with another .7 acres that Farrell has committed to combine with this space, will make a total green space of 2 acres.
"I'd like to thank the transition leadership team of Mike Smith, Jane Knodell, and David Coates. This is a major opportunity for the College." said new interim president Carol Moore. "We look forward to completing the sale and continuing to serve our students and grow enrollment."
Smith has remained engaged through this agreement and Coates will continue to assist the College through the closing. Jane Knodell will continue her affiliation with the College in her new role as a member of the Board of Trustees.
RELATED: