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[[underlined]] Sale of Belmont Conference Center [[/underlined]]

Mr. Hohenlohe reported on actions taken since the May 5, 1980, meeting at which the Board of Regents accepted the Audit and Review Committee's recommendation that the Institution pursue the sale of Belmont to a responsible purchaser who would maintain the integrity of the house and keep the immediate environs intact as an historic site:

-- An updated appraisal has been obtained estimating the fair market value of the property at $1,975,000 as of June 6, 1980, compared to $1,672,000 as of December 14, 1978.

-- The Bruce family has been notified of the Smithsonian's intention to sell the property and their recommendations regarding potential buyers have been solicited.

-- Discussions have been held with the National Trust for Historic preservation and hte Maryland Historical Trust regarding measures, such as restrictive easements, which could be taken to ensure preservation of the property.  Preliminary indications from officials of these organizations are that a restriction limiting change to the exterior of the buildings, but not the interior, would be advisable, as well as protection of a certain portion of the land surrounding the house and access road.

-- Various realty companies have been contacted regarding the sale of Belmont, and this preliminary review has identified Sotheby Parke Bernet International Realty Corporation as a highly qualified agent which has successfully marketed properties of comparable size to its broad-based clientele. A further search of other alternatives for offering the property is being conducted.

Mr. Hohenlohe reported that strong interest in preserving the historic value of Belmont was expressed by the Howard County Historical Society, and that steps referred to above should meet their standards.  Mr. Hohenlohe also referred to inquiries from the State of Maryland, Department of Natural Resources, regarding potential purchase of the property by the State for addition to the adjoining Patapsco Valley State Park; this inquiry will be pursued actively, although it appears that the State has more interest in acquiring the acreage than the Belmont House.