RUTLAND, Vt. (AP) - The board of a Vermont college transferred the land and buildings of its campus to the state’s largest credit union.
The College of St. Joseph signed the papers deeding the land of its Rutland campus back to Heritage Family Credit Union in lieu of foreclosure, the Rutland Herald reported Wednesday.
Jay Kenlan, chairman of the board of trustees, said he believes it is “rather remarkable that CSJ was able to tough it out for this long.” He added the board came to this resolution after running out of resources and felt like “it was just time to face the inevitable.”
Before the closure, college officials had been working with organizations in the state to create an “innovation center” that would have used the campus as a type of business incubator.
Matt Levandowski, president and CEO of Heritage, said the credit union wanted to “help re-invent the campus.” The credit union is looking for a long-term owner for the property as it doesn’t want to be a landlord.
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