4. QUALITY EDUCATION

TD Bank saga ends; $50K down payment returned – Manchester Newspapers

Impact team
Written by Impact team

TD Bank saga ends; $50K down payment returned  Manchester Newspapers

By Matthew Saari

A prospective property purchase which proved to be a controversial hot topic for the Granville community came to an end last week.

During the Village of Granville’s monthly meeting, Mayor Paul Labas announced that both the village and town had successfully retrieved their combined $50,000 down payment on the former TD Bank building on Main Street.

Granville Mayor Paul Labas

“Since the village withdrew from the agreement to purchase the TD Bank building in March, the village attorney has been working with the legal team from TD Bank to secure the return of the earnest money deposit,” said Labas. “On Friday these funds were returned.”

The municipalities didn’t pull out of the deal completely unscathed, Labas said, with both the village and town having to foot “approximately $822 apiece.”

“That’s for legal fees, professional fees, bank wire transfers and administrative fees we could not avoid,” he said. “These costs were related to title work, processing of the files and they were the only costs to the village.”

“This matter is now closed,” Labas added.

Any further discussion and information requests about the details of the proposed transaction between the village, town and TD Bank’s representatives will be referred to the respective municipality’s legal counsel.

“The village and town are bound by a standard non-disclosure agreement associated with a canceled real estate transaction,” Labas said.

The six-month long saga, which began last December with the village and town jointly purchasing the former bank with the goal of converting it into a shared municipal center; the prospect of which became the focal point of every village and town meeting thereafter, with residents questioning officials for hours concluded with Labas emphasizing the matter has been put to bed.

“I wanted to issue this final report, on record, so that the constituents can rest assured that this matter has been resolved. The deposit has been returned,” he said.

“That’s all I have to say about that,” Labas said.

Comments

comments

Read more in this week’s Sentinel in newsstands now or click here to read right now with our e-edition.

Tags: Granville, Granville Ny, municipal center, Paul Labas, real estate, Td Bank, Town Board, Town Of Granville, Village Board, Village of Granville

Source: manchesternewspapers.com

Leave a Comment