SALE OF GODDARD LAND PAYS OFF FEDERAL DEBT
PLAINFIELD -- Goddard College completed a land sale Friday that will help release it from nearly $3 million In
federal obligations, while providing 48 units affordable housing in nearby East Montpelier.
The college sold 70 acres to a Plainfield developer, who plans to convert six dormitories on the property into a residential development, complete with duck ponds and edible landscaping.
Anne Gould, dean of finance at the Plainfield school, said money from the $500,000 sale has been combined with
$200,000 in college funds to settle up a $2.8 million bill with the U.S. Department of Education.
She said the money was owed for three 30-year construction bonds. The bonds would have been paid off in the next 10 years.
Gould said the Chittenden Bank also agreed to release a lien it held on the property.
"It's a very good deal and it's going to help our position enormously," Gould said. "This is significantly going to improve the college's financial position."
Developer Allen Goldman, a Goddard graduate, said he had been eyeing the property for seven months. Goddard has not used the land for the past eight years.
"I'm going to do an affordable housing program there and try to make it a model for national use and really make it something special by taking advantage of the grounds," Goldman said.
