Wednesday, March 19, 2008

Belmont Stakes 2

Last August I wrote a post about the continuing saga of the Belmont Conference Center in Elkridge. Today there was an article in the Howard section of the Sun by Sandy Alexander about the end of the controversial relationship between local homebuilder Harry L. “Chip” Lundy and the college and the Belmont property. Just over three years ago, Chip lent the college $1.3 million dollars for the down payment on the 81 acre historic conference facility that borders the Patapsco State Park in Howard County.

Last week Chip and his partner David Adler were repaid the loan without interest which conservatively would have been around $200,000.

That is a far cry from what Chip had envisioned four years ago. In the original deal he had hoped to gain control of the 13 acre Dobbin property which is attached to Belmont but sits on a separately recorded parcel. He and his partner had hoped to construct senior housing there.

The fate of the Dobbin property remains in the air. According to the article, the county Department of Parks and Recreation offered $1.75 million for the property but the college turned down the offer.