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Cortland plans to buy former bank building to move offices

CORTLAND — The city plans to purchase the former Cortland Bank building and adjacent properties on West Main Street from Farmers National Bank in order to relocate city administrative offices there, Mayor Deidre Petrosky announced Monday night.

“The purchase of these properties will support the stabilization and future growth of the downtown business district, one of the key components of the City of Cortland Updated Strategic Plan completed at the end of last year,” Petrosky said.

City council at its regular meeting approved Petrosky entering a memorandum of understanding with Farmers National to acquire the building eventually. A final sale price is not set, but the purchase is capped at $850,000 — significantly less than the appraised value, according to Petrosky.

The building and its property were appraised at $2,120,700 in 2017, according to the Trumbull County Auditor’s website. Petrosky said the city had its own appraisal done as well.

The acquisition will include the parking lot across from the building, which Petrosky said will alleviate downtown parking issues and provide a space for community activities. That lot historically has been used during the Cortland Street Fair and other community events.

Petrosky thanked Farmers President and CEO Kevin Helmick, Executive Vice President and CFO Troy Adair and Assistant Vice President Mike Boyle for the “favorable terms” offered to the city.

Farmers National Banc Corp. acquired and merged with Cortland Bancorp, a process that was finalized in November.

Cortland Bank branches became Farmers’ branches, including the former Cortland Bank headquarters at 194 W. Main St.

Farmers then decided to downsize and move to the former TCF Bank building near the post office, Petrosky said.

Some studies have been done on the former Cortland Bank building, but more are expected before the purchase is finalized. While the city has an idea of what it would like to do with the building, what actually happens will depend on the building’s structure, Petrosky said.

Council is expected to see more legislation dealing with the property acquisition in the future.

Council President Kevin Piros said the process is “moving well.”

Petrosky said she was hesitant to set a time frame for the sale — “because if I start mentioning time frames, people are going to stick me to it and things don’t always go as planned,” she said — but she hopes it will be finalized by the end of this year or beginning of next year.

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