First Selectman Jon Brayshaw announced at the Board of Selectmen meeting that the $500,000 check was formally transferred into the town's bank account around 5:45 p.m. on Monday.
Middlefield had entered into a purchasing agreement with Powder Ridge's owner, Sean Hayes, in 2012 to sell the property to Hayes for $700,000, with a plan to put $2 in renovations into the property. Brayshaw and Hayes announced last month that the $500,000 balance due back to the town was going to be paid back earlier than expected.
Selectman Edward Bailey said Hayes was paying the loan off early so that he could look for other sources of revenue for borrowing purposes.
Powder Ridge held a soft opening on Nov. 29 and Bailey said the business hopes to be in full operation in about three weeks. Until then, Powder Ridge will be open on weekends.
Brayshaw said over 2,000 people attended the soft opening.