The Chenango County Industrial Development Agency (CCIDA) has signed a purchase agreement for an empty commercial building on East Main Street in downtown Norwich which the agency hopes to close on in the next two months. (Photo by Shawn Magrath)

NORWICH – The fate of a building in downtown Norwich is now in the hands of the Chenango County Industrial Development Agency (CCIDA).

The CCIDA, the economic development arm of Commerce Chenango, is taking the final steps to procure the vacant two-story commercial building at 23 E. Main St., adjacent to East Park in the City of Norwich. The building, presently owned and previously occupied by Preferred Mutual Insurance Company, has been empty for nearly two years while Preferred collaborated with city officials to attract a potential buyer.

“The first thing Preferred wanted to know is what the city wanted to do with it,” said Erik Scrivener, planning and community development director for the City of Norwich. “They knew we were in the middle of our (Downtown Revitalization Initiative) project, so we wanted to align it with everything that was going on there and other development downtown.”

The city solicited a request for proposal on behalf of Preferred with an asking price of $300,000; but responses from private investors were few, most citing limited available parking as a key restriction for the 17,472 square foot space. The building itself has been well maintained by Preferred Mutual.

“Since nothing was coming forward, the IDA started negotiating the purchase so that Commerce Chenango could relocate there with some expanded programs and other things that maybe we could do for Chenango County.”