CRAFTSBURY – Before the Sterling College Graduation ceremony, May 16, chair of the Sterling Board of Trustees, Allison Hooper, said she thought it would be necessary to list the college property for sale nationally if negotiations with Headwaters Community Trust did not result in an offer large enough to discharge the college’s debts.
Headwaters Community Trust confirmed in an emailed newsletter sent May 30 that its two offers “were based on the appraised value of the property” and would not allow the college to discharge its financial obligations, which “significantly exceed the appraised value of the campus.”
The newsletter confirms Sterling’s public statements that the college’s financial obligations are greater than the appraised value of the campus.
The trustees plan to list the property for sale. Given its unique nature they hope to reach a value that allows them to cover the college’s debts.
As Sterling looks to the open market as a way to identify a potentially higher value of the property than Headwaters has so far offered, Headwaters continues to express interest in the campus.
“Headwaters Community Trust remains committed to doing everything possible to secure the Sterling campus, a vital community asset, for community-led development. We hear and understand our community’s concerns and sense of urgency. We are mindful that our partners at Craftsbury Saplings require a timely transition in order to move forward with their long-awaited expansion. We also support Sterling faculty and staff who are working to develop programming that will continue Sterling’s mission,” it said in the newsletter.
“As we pursue and evaluate every possible path toward acquiring the campus and enabling Sterling to meet its obligations, the members of Headwaters’ board deeply appreciate the support and encouragement we hear from community members every day.”
As the college’s first President was being awarded with an honorary degree at the college’s last graduation ceremony in May, The Chronicle reported, “He said he and a group of others are ‘working on Sterling 4.0,’” a reference to the many functions of the organizations over its life.
