The contract between the town and Mill Pond, LLC, was signed in early February and Mill Pond, LLC, is still in the planning and design phase for the site, according to First Selectman Willie Fritz.

The $2.8 million sale of the 38-acre property is set to close on Oct. 1, 2016 with the current stipulations allowing Mill Pond, LLC, limited access to the site on July 1, 2016.

The proposed plan is to replace the old school with apartments, offices, and retail, service, and restaurant uses. Fritz said that Mill Pond, LLC, is expected to submit an official application to the Zoning Board in September.

“They’ve put down their deposit,” said Fritz. “Now they’re in their due diligence phase.”