CORTLAND, N.Y. – The Cortland County Business Development Corporation has agreed to move forward with the purchase of a property that once housed an abandoned motel that was severely damaged in an April fire.
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Michael McMahon, who serves as chair of the BDC, purchased the property on behalf of the agency at a foreclosure sale in July after getting approval from board members.
The property served as the former site of the Budget Inn Motel on Route 11, which had been abandoned for several years before it was severely damaged in a fire, according to WXHC.
The property was purchased in partnership with the town of Cortlandville and the village of Homer, McMahon said, and will be turned into a usable "green space" for the two municipalities.
"We did that as a community service project," McMahon said Monday. "We feel that fit our mission very well."
The BDC is seeking reimbursement from the two municipalities. They were interested in acquiring the property as part of improvement projects along Route 11.
The property was purchased for about $77,000, WXHC reported.
The board will close on the property by Monday, according to Gary Van Gorder, who serves as the board's executive director.
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