Burlington College has not yet signed a memorandum of understanding with real estate developer Eric Farrell, the college’s interim president Mike Smith said Monday.
Farrell has agreed to buy 25 acres of the 32-acre lakefront property on North Avenue, the school has said.
Smith said Monday he is waiting for legal documents that he and David Coates, who is providing financial advice to the college on an interim basis, and the college’s lawyers will review. He hopes to present the documents to the board of trustees this week, Smith said.
The MOU is expected to include a 60-day window for land conservation groups to offer the school more than the $7 million Farrell is expected to pay.
Those groups are unlikely to outbid Farrell, Vermont Public Radio reported Friday.
