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08/16/2017 12:00 AMAfter encountering several snags, most recently with financing, Mill Pond, LLC, has today terminated its agreement with the town to develop the old Morgan School on Route 81, according to First Selectman Bruce Farmer. Voters had originally approved the $2.8 million sale of the 38-acre property in February 2015, with the expectation the developer would replace the old school with apartments, offices, and retail, service, and restaurant uses.
According to a press release from Farmer, “The reason cited in their notification was due to their inability to obtain the necessary financing for the project.”
In June, Farmer had said the developer had lost a financial backer last year.
Farmer’s release states that law firm Shipman and Goodwin “vetted the developer at my request early during my administration and the developer has spent considerable time and capital on this project. They and we are very disappointed about this situation on several levels. I sincerely believe this is an essential location for economic development for our Town of Clinton and we will endeavor to seek out other potential developers for this site.”
Last week, the Harbor News reported that officials with the Connecticut Department of Energy & Environmental Protection (DEEP) had encountered issues with the permit application submitted by developer Henry Resnikoff. DEEP had sent Resnikoff a letter on June 12 that outlined the issues with the application that needed to be addressed and resubmitted in a 45-day window. The 45-day window passed without word from Resnikoff, who then requested a 30-day extension on the application.
Resnikoff could not be reached for comment at this time.
The Village at Mill Pond was originally announced as a plan to turn the 38-acre property at the old Morgan School into a mix of retail and residential use. In addition to the stores and residential use, the property also planned to have a hotel and restaurants. Initially, Mill Pond, LLC, hoped to break ground on the project in late 2016. The contract between the town and Mill Pond, LLC, was signed Feb. 5, 2015.
Due to the termination of the agreement, the town will retain responsibility for the maintenance of the property for the foreseeable future. Some residents had earlier complained about the appearance of the property, which the Department of Public Works has been taking care of in addition to the new Morgan School.