New Middlebury College agreement signed

The town of Ripton and Middlebury College signed off on a new agreement in lieu of taxes.

the institution will make annual cash payments to the community and deliver free ski lessons to local school children in recognition of its non-taxable property.

More details:

After months of what both parties described as amicable talks, the town and college finalized a new agreement — covering the tax years beginning Jan. 1, 2014, and ending June 30, 2024 — that calls for:
•An annual payment of $157,000 that will be “adjusted each year by taking the previous year’s payment and multiplying it by the municipal tax rate for the then-current year, divided by the municipal tax rate of the immediately prior year — except in the case of a town-wide reappraisal, in which case the payment will be adjusted by the percentage change in the municipal taxes to be collected,” according to the specific language of the agreement.
The payment will be due at the same time the college pays its regular property tax bill.
Since Ripton is now transitioning its budget cycle from a calendar year to a fiscal year, the first annual payment under the new pact will cover an 18-month period (Jan. 1, 2014, to June 30, 2015) that will reflect one and a half (1.5) times the $157,000 payment, for a total of $235,500.
•The college to continue providing free ski lessons at the Middlebury College Snow Bowl and Rikert Nordic Center to students enrolled at Ripton Elementary School.
•The college to work with Ripton to mitigate the impacts of any future development projects.
The agreement will not apply to any property or structures the college might acquire during the 10-year period. At the same time, the $157,000 base payment to Ripton will not be affected in the event the college sells or leases any of its property during the 10-year period.
Either party has the ability to terminate the agreement under certain defined circumstances — such as if there are changes in state/federal laws affecting the taxability of nonprofits.

Congratulations to the Ripton selectboard!