Ridgefield News
April 28, 1998

Ippoliti Deal Done; Paves Way For New School

New School Deal Done!

Ippoliti Family Says, "Show Me the Money!"

Apr. 28 -- In a surprise break-through today, the Ridgefield Selectmen approved a hard-fought deal with the Ippoliti family to buy their 58 acres of land on Rt 35 across from the Fox Hill Condos to be used as the site for the new Lower Middle School.

The Board of Selectmen meet to consider the Ippoliti contract on Tuesday evening. (L-R) Selectman Barbara Manners, Town Controller Jay Wahlberg, Acting First Selectman Dr. Peter Yanity, Selectman Mike Jones. First Selectmen Abe Morelli joined the meeting by speaker phone (center).

At still another emergency meeting on Tuesday night in the town hall, the Board voted 4 to 0, with Joe Savino absent on family vacation, to endorse the contract which the Ippolitis had signed a few hours before. First Selectman Abe Morelli participated by telephone from his vacation in Syracuse, NY.

The deal essentially stalemated on Thursday last week when the Selectmen, pushed to the limit by continued negotiations by the Ippoliti family, voted to make the current deal their "last and final offer." Ippoliti, making a tough decision whether to continue with the bankruptcy bidding process or to take the town's money, opted for the money.

The signed contract: in the right-hand column, for the Buyer (the Town), Dr. Peter Yanity, for the Sellers, Eduardo and Marcia Ippoliti. Left-hand column: lawyers and witnesses.

The final terms of the deal include:

• No taxes are forgiven, despite what you might read in the Ridgefield Press
• The purchase price is $7.45 million
• There is a major contingency of a clean bill of health on archeological grounds. Preliminary work has discovered Indian artifacts, and before school construction could begin the town would need a clear and unambiguous report stating that the location was free of any historical artifacts of importance which would constrain development.
• If the bankruptcy court still insists on going to bid, which is considered extremely unlikely, the seller is required to support the town's bid above all others. If they do not, and the property is sold to another, they are required to pay significant penalties to the town.
• Everything, under every possible contingency, is completed by Sept. 19 or the town can walk away from the deal, no questions asked.

The contract itself is about 20 pages long with endless fine-print, but the basic gist of it is that the property will be the site of the new school, so long as the Bankruptcy Court judge does not object. If all goes well, the property could be closed by June 1st.

Dave Nichols of West Mountain Road, on behalf of the general public of the Town, signs the contracts as an official witness as Allan Kerr, Town Attorney, watches.

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