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GLOVERSVILLE The Common Council unanimously approved an agreement this week to purchase the former Wood & Hyde Leather Co. property for up to $650,000 for adaptive reuse as the city’s new Department of Public Works facility.
The agreement approved on Tuesday authorizes Mayor Vincent DeSantis to execute a contract to purchase the Wood & Hyde Leather Co. properties at 68 Wood St. and 18 W. Ninth Ave. The properties span more than six acres with multiple manufacturing, storage and office buildings on the site.
The city negotiated a purchase price for the properties of $500,000, which can be increased to a maximum of $650,000 depending on the cost of environmental remediation. If cleanup costs exceed $150,000, the contract can be cancelled by the city or the current property owner, otherwise the current property owner would be responsible for covering the excess remediation costs from the proceeds of the net sale of the property.