Promises of progress at Exchange BankOn April 30, Exchange Bank Building owners Hosmer Brown III and his son, Hosmer Brown IV, submitted a signed contract and $80,000 letter of credit assuring the city of Farmington that all work on the historic building would be completed by the final deadline.
By: Michelle Leonard, The Farmington Independent
One deadline down, one to go.
On April 30, Exchange Bank Building owners Hosmer Brown III and his son, Hosmer Brown IV, submitted a signed contract and $80,000 letter of credit assuring the city of Farmington that all work on the historic building would be completed by the final deadline.
Now, the Browns and their company, 2004 Real Estate Company, have less than a month to finish the project that has been going on for nearly 10 years.
If the work is not completed by June 1, the city of Farmington will record the warranty deed on the 1880 building and begin the proceedings to take back ownership of the Exchange Bank Building. And, with the letter of credit in hand, the Browns will also forfeit the $80,000 assured to the city in the letter of credit.
All that remains to be completed in the Exchange Bank Building’s interior are the ceiling, heating and ventilation, electrical and lighting and some work in the bathrooms on the second level.
“If they get on task, they should be able to get that done by the deadline,” said community development administrative assistant Lisa Dargis.
The Browns took ownership of the Exchange Bank Building in November, 1998. The terms of the purchase agreement allowed them 15 months from the sale date to complete all of the interior work, both on the main level and upstairs in the grand hall. However, after several extensions to the agreement, the work remains incomplete.
On Monday, Hosmer Brown III offered no explanation as to why it has taken 10 years and a threat from the city to get the interior work done.
“I don’t wish to go into that,” he said. “It’s complicated for many reasons.”
He apologized to the community for the delay, but said he and his son have been interviewing potential tenants for the upstairs grand hall area, as well as the lower level space that faces Oak Street. The elder Brown said he intends for the building’s renovation to be complete by the June 1 deadline.
“We’re sorry for the hold up,” he said. “We appreciate the waiting, by the city and the community.”