Manchester Approves Development Agreement with Community Savings Bank

 

Plans are moving forward with a new bank building in downtown Manchester.

On Monday night, the Manchester City Council approved a resolution that authorizes a development agreement between the City of Manchester and Community Savings Bank.

Community Savings Bank will commit to investing a minimum of three million dollars for the construction of a new multi-story bank building on the east side of the block the current banks sits. The bank’s design has not yet been finalized.

The agreement includes a land swap between the City and Community Savings Bank on that block, with the City exchanging two of its current parking lots for a vacant lot owned by the bank along East Delaware Street. The City is also vacating the alley on the east side of the block to the bank.

Community Savings Bank has also agreed to a one million dollar minimum assessment. The tax increment will be used to finance the utility improvement project that’s been going on in that area this fall.

The current bank building is being purchased by Delaware County. They plan to use the building for extra storage, with other county entities also possibly using it for office space.

 

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