ICYMI - Property Sales Paused Pending AG Approval
Lawyers working for the Wells Legacy Society advocated directly to the Office of the Attorney General to stop the campus from being broken apart and sold away in pieces before the college files a dissolution plan with the AG.
Following emails and conversations articulating our concerns to the AG over several weeks, our lawyers informed us that the college had been put “on notice that the AG’s Office will not approve the sale or transfer of any assets until they provide the AG’s Office with a comprehensive plan.”
This is a huge win for the WLS in our ongoing effort to keep the campus in tact for future use by a successor non-profit!
Our attorneys informed us of this significant action on September 18, and we made the decision to announce it on FaceBook on September 22 to reassure the community. (And, wouldn’t you know it, after we shared our news, another group sought to align themselves with our progress in their fundraising!)
Many, many thanks to our faithful supporters for funding the efforts of the WLS so we can obtain the legal support necessary to get real results!
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Background: Since closure, the college had been selling real estate without (as far as we could tell) the requisite approval of the AG. Those sales were all off-campus rental properties. When the college listed the so-called President’s House for sale on July 26, we sounded the alarm. That building is part of the core campus, tax exempt and zoned for institutional use. We made our concerns heard through our attorneys, and action was taken. The pending sales of more than a half-dozen properties (including the Golf Course and the President’s House) are now paused indefinitely.
Within 60 days of the closure announcement, the college sold $2M in village property. Following the closure announcement and prior to the pause, the college sold another $2M in residential real estate. The college realized a significant return from property sales, and probably could have continued to do so had they not moved to strip away a parcel from the core Wells College campus.
