Goddard signs purchase agreement with NH property development company

PLAINFIELD, Vt. (WCAX) - The future of Goddard College's campus is coming into focus after the school's board announced Monday it has signed an agreement to sell the property to a local property redevelopment company.

Goddard, which announced in April that it was closing, signed a purchase and sales agreement with Lebanon, New Hampshire-based Execusuite LLC. Officials say it allows the college to meet its financial obligations, including payments to faculty and staff and settling debt to its creditors.

"The board is pleased to have reached an agreement that not only fulfills our financial responsibilities but also holds the potential to contribute to the future revitalization of Plainfield," Goddard President Dan Hocoy said in a statement.

"We are passionate about revitalizing historic properties and downtowns, with a strong track record of contributing to the renewal of communities across Vermont and New Hampshire, including White River Junction," Execusuite's Mike Davidson said in a statement. "It's an honor to lead the future of the Goddard College campus while preserving its bucolic, historic, and unique character. Our goal is to maintain the existing structures and collaborate with both the local and Goddard communities to find meaningful uses for all the buildings. We're aware of the local interest in the site and welcome opportunities to work with stakeholders to ensure the best possible outcome for the community."

The announcement comes a week after the college backed out of a deal with a local nonprofit to buy the campus after the group of former students and faculty members failed to raise the required financing.