The College received the summit of Mount Washington in 1962 as a gift from Summit House Inc. Paul Olsen, College director of Real Estate, said it is unclear why the land was originally given to the Dartmouth, although it appears one of Summit House's officers was the treasurer of Dartmouth at the time. The College sold most of the land to the state in 1964, but kept the eight acres on the peak due to a long term lease with the Yankee Network, which used the land as a broadcast station.
The state took over the lease in 2002 and agreed to pay the College $1,000 a year in rent.
"Frankly, I don't know if we received any money recently." Olsen said. "It's such a small payment."
The state currently broadcasts federal and state government signals from the land. The new deal should not significantly affect how the land is used, according to Amy Bassett, a spokesman for the New Hampshire Division of Parks and Recreation.
"At this point, we'll continue managing it as we're managing it now," she said. "We'll just own the property outright."
New Hampshire has been trying to acquire the land for many years, Bassett said. In 1971, the Mount Washington Commission recommended that the state buy the land so that all of Mount Washington would be under the control of one agency.
"Its been a long time coming," Bassett said.
The College will receive the $2.12 million from the state over 10 years beginning in 2010. This sum includes all principal and total interest through 2019. Money from the sale will go to the College's general fund, Olsen said. He explained that the College could have received more money had it sold the land to a private corporation, but decided against it.
"The land is a unique natural asset," Olsen said. "It's important to provide resources to allow the state and federal government to function."
The College currently own approximately 45,000 acres of land in New Hampshire, Olsen said. In addition to the second College grant, which comprises most of Dartmouth's land holdings, the College also owns Mount Moosilauke, the Dartmouth Skiway and many commercial buildings in downtown Hanover. The College periodically receives gifts of land from across the country that has included real estate in the everglades, Olsen said. This land is generally sold immediately.
