College Announces Municipal Building Financing

College would provide up to $3 million to
the Town of Middlebury in exchange for present site and building.
Site would become a park.
Middlebury College has announced the terms of
a proposal it has made to Town of Middlebury officials to provide
funding for the construction of a new municipal building at any
new site the town may select. In exchange for the funding, the
Town would convey to the College the buildings and property that
comprise the site of the existing municipal building and gymnasium.
The College will not participate in the renovation of the existing
municipal building or in rebuilding the facility on the present
Specific terms of the proposal are as follows:

  • The College would provide financial assistance
    for land and construction costs to a limit of $3 million. Payment
    would be in installments to meet the principal and interest obligations
    of a bond taken out by the Town to cover the cost of the project.
  • The College would bear all costs of razing the
    present municipal building and gymnasium to construct a park on
    the site. The Town would support the College’s requests for approvals
    to conduct the work.
  • The transaction between the Town and the College
    would be incorporated into a renewal and extension of the ten-year
    agreement between the Town and the College.
  • Should the Town choose the Twilight Hall site,
    designs for renovations and additions to the current building
    would require careful planning to preserve the historic character
    of the building and the property.
  • If at any point during the period covered by
    the renewal and extension of the ten-year agreement, the tax liability
    of the College should change in such a way as to alter the College’s
    current tax liability, the dollars paid by the College to amortize
    this bond would be treated by the Town as counting toward the
    meeting of that tax obligation.
  • According to Middlebury College President John
    M. McCardell, Jr., the proposal by the College to participate
    in the construction of a new municipal building would spare the
    taxpayers of Middlebury the entirety of the additional tax burden
    required to amortize the bond required for funding the project.
    “This is not an invitation to spend $3 million,” said
    McCardell. “Nor does it seek to dictate to the Town where
    a new building should be located,” he said. “We deliberately
    chose to make this proposal only after the site selection committee
    had completed its work. The Town remains free to decide the site
    for a municipal building. This proposal is an expression of a
    willingness on the part of the College to participate in the planning
    and construction of a town hall on a site chosen by the Town.
    We look forward to learning how the select board wishes to proceed,”
    said McCardell.
  • The College’s intentions in seeking to acquire
    the site of the present municipal building are based on its interest
    in creating a park at the current location. McCardell believes
    the park would constitute an attractive approach to the College
    from the Town, and to the Town from the College.