Burlington College has updated the purchase and sale agreement with developer Eric Farrell, which continues to be on track for a late January 2015 closing. The deal is moving forward smoothly with no forseen obstacles.
This revised purchase and sale agreement builds on the prior agreement. Of the 33 acres of property currently owned, the College will retain 6 acres with Farrell purchasing the balance. Two acres of the property will remain undeveloped and open to the public, in addition to an easement alllowing access to the beach from the northern boundary of the property. A non-refundable upfront payment of $150,000 has already been made by Farrell as a part of this agreement.