Outstanding documents delay 2 School Street closing: Supervisor says price of acquisition won’t be bonded

A closing on the 2 School Street property is likely to take a few more weeks, Town Attorney Thomas Crouch said at Tuesday’s Town Board work session. 

The delay is due to compiling paperwork and getting it to those who have to review it before a date for a closing can be announced, Mr. Crouch said. Such delays are not unusual in dealing with a property on which there was a foreclosure, he added.

Supervisor Amber Brach-Williams said financing of the acquisition will not require a bond, so the bond anticipation note will be scrapped. The purchase price of $791,000 could come from any of a number of sources depending on what the Town Board decides is the best use of the property.

If it’s renovated to provide units of affordable housing, the CHB funds amassed from the real estate transfer tax would likely be tapped. If it’s for housing for medical staff or a FIT Center, the money would likely come from the general fund, the supervisor said.

Until the closing, Town officials will not be able to inspect the interior to get a sense of how it should best be used and what costs would be associated with renovations to fit the needs of the future use.