June 13, 2014
The New York Military Academy held a special meeting Tuesday afternoon to announce to the community of Cornwall that despite the rumors, NYMA is not being sold.
Anthony Desa, chairman of the New York Military Academy's board of trustees, said "We're here to stay. My agenda here is to move forward. As long as I'm here I will move NYMA forward. I want to put an end to the rumors.”
The military school will be selling bonds, its newest step to help save the school financially. The last financial plan was to partner with Obridge Academy one year ago but Obridge backed out at the last minute.
Town of Cornwall officials have extended a letter of intent until the end of June to purchase the property for $8 million. Cornwall Town Supervisor Randy Clark said that if the town were to purchase the land it would lease it back to the school and the town would have use of some of the property for office space and for recreation.
Mr. Desa said that NYMA will consider the offer but since it is a non-for-profit, the school would need Supreme Court approval.
Global Financial Exchange in Watertown, Connecticut will be structuring the bond offering. Gregg Nolan of GFE said both investors' principal and interest would be insured. Further details about the structure of the bond sale will be available in the weeks to come.
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