Union Institute inks deal to sell Vermont College campus

MONTPELIER — A newly-formed nonprofit has agreed to buy the historic Vermont College campus from Union Institute & University, and assume control of three master of fine arts (MFA) programs.

Union Institute & University’s (UI&U) The university’s board of trustees, along with university president Roger H. Sublett, announced Monday that a letter of intent to transfer the 11 buildings and 33.5 acres, and the MFA programs, to the newly formed Vermont College of Fine Arts (VCFA).

After a period of due diligence, officials project that the sale will be completed by July 1. UI&U will continue to operate its undergraduate adult degree programs, as well as the master of education and master of arts programs, in leased facilities on the campus.

Along with the buildings and land, the proposed sale VCFA includes the master of fine arts in visual arts program, the master of arts in Writing program, and the master of arts in writing for children and young adults program.

Sublett called the signing of the Letter of Intent “a pivotal moment” in the history of Vermont College and Montpelier.

“We are proud to have been stewards of the Vermont College campus and its academic programs for the past five years,” he said. “We are gratified that our investments in the buildings, the campus, the programs, and the people have given birth to the new and promising entity of the Vermont College of Fine Arts. We are also very committed to the continuing operation of our undergraduate and master’s programs on the campus without interruption.”

VCFA was formed in 2006 to create a national center for the fine arts in Montpelier, anchored by the three long-standing MFA programs.

Led by acting Pres. Thomas Christopher Greene — an MFA alumnus, MFA program administrator and novelist — and William Kaplan, an expert in real estate acquisitions specializing in downtown revitalization and conservation projects, the VCFA has, in the past six months, built a board of trustees rooted in the national writing and arts community.

VCFA’s vision, according to Greene, is that “this historic campus and renowned academic programs will form the foundation for a new college, one that not only plays a critical role in arts and letters in this country, but also is firmly and forever anchored in central Vermont.”

In the proposed framework, UI&U will lease office, classroom, dormitory, and meeting space from VCFA and operate its educational offerings as one of UI&U’s six national academic centers.

All current programs will continue to operate, including its undergraduate adult degree program. Staff operating the programs and faculty will be retained for all programs. The Gary Library will also continue to operate under UI&U auspices, serving all UI&U and VCFA students in a shared arrangement.

Cheryl Foley, chair of UI&U’s board of trustees, called the projected sale a “win-win situation” for all.

Peter Richardson, chair of VFCA’s board, said he looked forward to working with UI&U.

“We want to honor the legacy of this unique campus and its relevance to the central Vermont economy and its contributions to higher education in the state. We look forward to continuing to work with Union Institute & University to bring this shared vision to fruition,” he said.

Union Institute & University is a private, accredited university founded in 1964. In addition to its distance learning programs, it has academic centers located in Cincinnati, OH, Los Angeles and Sacramento, CA, Miami, FL, as well as Montpelier and Brattleboro in Vermont.

Peak Pitch aims to give entrepreneurs a lift

MIDDLEBURY — Entrepreneurs will get a chance to pitch their dream business idea to investors during the annual Peak Pitch presented by FreshTracks Capital.

The Peak Pitch, to be hosted at Bolton Valley Resort this year on Thursday, is a spin on the classic "elevator pitch." In the traditional elevator pitch, entrepreneurs take advantage of an unexpected opportunity to share an elevator ride with a potential investor and present their business idea.

At Peak Pitch, a shared chairlift gives entrepreneurs the opportunity to pitch their business plans to a variety of venture capitalists, angel investors, commercial lenders, and other entrepreneurial advisors as they ride up the mountain.

“Last year we had a great turnout for a day of skiing, fundraising and networking,” said Lee Bouyea of FreshTracks Capital. “The Bolton Valley location was perfect, allowing entrepreneurs to pair off with an investor at the base of the Timberline Lodge, pitch their business plan on the ride up, and then take a quick cruiser back down to the base for another lap.”

The event will also feature a luncheon speaker. This year’s speaker is Liz Robert, the CEO of Vermont Teddy Bear. Last year, the speaker was IDX co-founder Rich Tarrant.

The Peak Pitch ’07 program includes a series of events organized by local hosts to support entrepreneurial communities across Maine, Massachusetts, New Hampshire, New York, and Vermont. Local hosts include the Borealis Ventures (New Hampshire and Maine), FreshTracks Capital (Vermont), High Peaks Venture Partners (New York) and Long River Ventures (Massachusetts). The series sponsor is Village Ventures, of Williamstown, MA.

The Peak Pitch event in Vermont is being sponsored by FreshTracks Capital, the Greater Burlington Industrial Corporation, Gallagher Flynn & Co., Key Bank, Merritt, Merritt & Moulton, and the Vermont Department of Economic Development.

To register as an investor or entrepreneur for the event, visit www.peakpitch.com.

Posted February 27, 2007

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