In the spring of 1922, with the anticipation of the completion of the Bly Tunnel brought Belfast to the forefront. Captain C.A. Merrill one of the original instigators of the tapping of Eagle Lake spent twenty-five years on the project that in hopes one day it would be transformed into a major agricultural center. Charles Emerson and D.G. Beale plan to resurrect Merrill’s dream by acquiring 4,360 acres at Belfast from the B.F. Porter Estate. It was their intention to form a “colony” and sell 40-acre tracts. The two men formed the Belfast Land Company to orchestrate their goal. The major obstacle, of course, was financing. The Porter Estate wanted $100,000 for the property and the Belfast Land Company could not arrange financial backing.