Three years into its ownership of the Belmont Conference Center in Elkridge, the Howard Community College Educational Foundation has repaid $1.3 million provided for the down payment and some mortgage interest through an agreement with developer Harry L. "Chip" Lundy.
The return of the money last week concluded a contract between the foundation, which is a fundraising arm of the college, and Lundy, who signed on behalf of himself and business partner David Adler.
The foundation purchased the 18th-century manor house, several outbuildings and 81 acres for $5.2 million in August 2004 and has continued to host business conferences and other events. The college also uses the facilities to train students in its hospitality management program.
The contract with Lundy included plans to build senior housing on a portion of the site and share the revenue with the foundation. College officials soon agreed that a historic easement on the property and the objections of citizens and preservationists made such a plan impossible.
Lundy's claim to part of the property, which continued until this month, was a source of concern to preservationists and other citizens, particularly as county officials made plans to purchase the property from the foundation.
Randy Bengfort, a college spokesman, said with the expiration date of the contract set for Dec. 31 2007, the foundation was required by the agreement to pay back the million dollars or give Lundy the Dobbin property, which is a 13-acre parcel and house nearby but separated from the rest of the Belmont site.
After a mutual extension of that deadline, the foundation chose to make the payment, the majority of which was drawn from a $1.5 million unrestricted gift the Rouse Company Foundation made to the educational foundation in March 2007.
"The college and the foundation are very appreciative to Mr. Lundy and Mr. Adler for making it possible to acquire Belmont," said HCC President Kate Hetherington. "Their assistance has enabled HCC to pursue its vision of Belmont as a first-rate conference center that provides educational opportunities for students and sustains the economic viability of an historic treasure in Howard County."
Lundy's $1.3 million contribution earned him no interest over three years, but he said he is happy with the outcome of the agreement.
"I'm real happy to participate ... and to have been able to help with the purchase of Belmont. I believe citizens of the county will benefit from its preservation, and who would be a better steward than the college?"
