Letter of Intent Executed Today between Parties
The former Durham branch of People’s United Bank, located at 8 Newmarket Road, Durham, NH, has been put up for sale with a listing price of $769,000.
Administrator Todd Selig has conducted due diligence with regard to the site as a potential future Town Office location and has concluded that the 8 Newmarket Road location with renovations and an addition would meet the space needs and functional requirements for the Durham Town Offices.
The bank site is a handsome colonial-style building in the midst of Durham's historic district, it is in excellent condition, and is equipped with two safes that would ideally meet the Town's needs in preserving historical records.
The current Town Office has long been recognized as being deficient in a number of critical areas to include:
• Noncompliance with ADA (handicap accessibility).
• Lack of short-term and long-term temperature controlled storage space for day-to-day and critical historical records.
• Inadequate filing and workspace.
• Inadequate meeting space.
• Lack of security for staff and very inefficient mechanical and HVAC systems.
• Inadequate stair widths, riser and tread dimensions, and myriad other building and life safety code violations.
In order to secure the bank site to ensure the Town Council has the option of moving forward with a purchase of the property, Mr. Selig initiated negotiations with the bank in early April.
Both the Town of Durham and People’s United Bank have executed a Letter of Intent to Purchase as of 4/26/12.
Per the terms of this agreement, the Town Council will have thirty (30) working days to execute a Purchase and Sale Agreement.
Town staff is currently working with architect Kelly Davis of Port One Architects, Inc., Portsmouth, NH to develop a conceptual build out of the bank site as the future Durham Town Offices and estimated pricing for renovations and addition.
Mr. Davis was engaged in 2006 to conduct a Space Needs Assessment for the Durham Town Office facility.
At the Town Council meeting on Monday, May 7, 2012, the TownCouncil will receive a report from Administrator Selig regarding the potential acquisition of the former People's United Bank site complete with architectural analysis and estimated pricing.
The acquisition of the bank site would likely trigger the outright sale of the existing 15 Newmarket Road Town Office location for development purposes.
In 2008, Durham had the Town Office site appraised and at that time the most probable "as is" market value of the property, in fee simple, was $650,000 as a stand alone parcel. At that time, a local developer had discussed paying upwards of $1,000,000 - $2,000,000 if the Town Office parcel could be integrated with adjacent parcels and developed as a pharmacy.
For more information, contact Administrator Todd Selig at (603) 868-5571.