Posted on 01/14/2016 9:44:56 AM PST by Citizen Zed
"We don't obviously want to get involved in any political battle involving presidential candidates," Bishop Coyne said Monday afternoon. "We're not pushing this at all. We're satisfied with the outcome (of the sale to Burlington College)."
Coyne says an appraisal of the property prior to the sale yielded a $6 million valuation.
"At the time, we were very satisfied with the $10 million purchase price on a property that was assessed ... at $6 million. So the offer from Burlington College was about $4 million more than the property was worth," says Coyne, who was not bishop at the time of the transaction.
A portion of that purchase price was structured in the form of a $3.65 million loan from the diocese to the college. In August of 2014, the college defaulted on that loan. Under the terms of a settlement, the diocese ended up losing somewhere between $1.5 million and $2 million off the original purchase price, according to reporting by VTDigger.
Coyne, however, says that's still more than the property was appraised at.
"We're very satisfied with the outcome at the end, even though we didn't receive the full $10 million," Coyne says of the settlement. "We walked away with a pretty good price, and at this point we're not interested in pursuing any further matter in this."
(Excerpt) Read more at digital.vpr.net ...
Socialists have each other’s backs.
Since when is NPR Vermont a reliable source of truth on *any* subject?
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