The Cazenovia Village Board has decided to move forward with the acquisition of 6 Farnham St. On the evening of March 7, after an executive session, board members agreed to pay $91,750 for the parcel adjacent to the Cazenovia Fire Department.
"The property is important to the department," Village Trustee David Porter said. "It will allow them to respond more quickly to fires and emergencies."
The acquisition will be helpful to the fire department, as volunteer members have struggled with parking in the past. The firehouse's location at 127 Albany St. did not allow much space for parked cars while emergency vehicles were being dispatched. Neighboring businesses, Buyea's Hardware and Colligan & Sons Services Center, cooperatively allowed the temporary storage of vehicles while their owners were responding to calls.
"I think the opportunity to acquire the property makes a lot of sense," Deputy Mayor Kurt Wheeler said.
The amount of $91,750 was a welcome compromise after several higher asking prices were proposed over the past four months. Since the introduction of the proposal in November, there had been a variety of suggested asking prices, and mixed sentiments between fire department volunteers, village board members, and tax-paying residents.
When senior members of the fire department first proposed the property purchase, the asking price was $110,000. Many residents and local real estate professionals asked the board to proceed with caution, as they believed the asking price was slightly inflated and believed further due diligence would yield lower numbers.
During the month of January, the property on Farnham Street was appraised by two real estate agents. One assessment yielded a recommended market value of $100,000, while the other produced a suggested selling price of $120,000.
The latest assessment, completed in February, was done by real estate professional Robert J. Riedel. After reviewing the land and structure at 6 Farnham St., Riedel estimated that the property was worth $85,000 in today's market. He also offered $93,000 as a price, should the buyer wish to turn the package into an income property.