News

NBT Bank Acquisition

February 11, 2018
Body:

As many of you know, NBT Bank has closed its local branch building located at 2647 NYS Rte 26.  In order to help mitigate the impact to the community, the Bank has offered to gift the property to the Town, provided that the Town lease back space in the building to maintain the existing ATM.  At its February 20, 2018 meeting, the Town Board will consider whether to adopt resolutions to purchase the property and lease space for the ATM.  The terms of the purchase and lease agreements include (but are not limited to) the following:

   

·         NBT Bank has offered the property to the Town for $0.00 dollars.

·         The property has a total assessment value of $110,000 and full market value of $169,231.

·         The purchase would be contingent upon the Town agreeing to a long term lease allowing NBT Bank to maintain the ATM on the premises.

·         The ATM lease would be for an initial 5 year term, with options to renew thereafter.

·         The initial 5-year term includes no monthly rent.

·         The First Extension Period (Year 6-10) would include rent of $350.00 per month.

·         The Second Extension Period (Year 11-15) would include rent of $400.00 per month.

·         NBT would make additional payments to the Town to offset expenses (such as electricity, snow removal, etc.) in the amount of $150 per month for each year of the lease, beginning on year 1.

 

 

Bob Bullock