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Over the years outside parties have expressed interest in the purchase of the Belmont property. While these inquiries have not been pursued, we have noted the increasing land values in the area due to the expanding Baltimore and Washington suburbs, the development of nearby Columbia, Maryland, and the increased use of the expanding Baltimore-Washington International Airport.

The Institution has recently been approached by an agent for a group which is seeking such a property for a personal residence and site for an eventual research center. At the same time, children of the Howard Bruce family, on a confidential basis, have inquired as to the possibility of reacquiring Belmont House. A thorough appraisal has now been given, and the property is valued at $1,672,000. The appraisal indicates that the property would not bring its optimal value for residential development purposes, as it is remote from currently developing areas. It could be used, however, by some individual corporation or gorup that wanted to develop it as a research enclave and would, therefore, keep much of the property as it is. The Institution would be prudent only to try to sell such property for the best possible use and at the best possible price.

Factors to be considered in contemplating a possible sale are:

1. Continued annual operating loss as a Conference Center, and the accompanying increasing maintenance costs;

2. The pros and cons of increasing real estate values over the years versus maintenance costs;