Legislature Approves Purchase of Trust Company Building for History Center HomeTompkins County will purchase the Tompkins Trust Company building on the Ithaca Commons to house the History Center, along with other non-profits co-located as a heritage education center. The Legislature, by unanimous vote, approved acquisition of the building, as recommended by its Facilities and Infrastructure and budget committees. The Trust Company will vacate the building in 2018 to move to its new downtown headquarters on Seneca Street—the same year that the History Center's current County-paid lease expires. The goal is to have the building ready for History Center occupancy in January 2019.
The action authorizes the County Administrator to negotiate acquisition of the building for a cost not to exceed $2 million ($400,000 below market value) and to amend the County's five-year Capital Improvement Plan to include Building acquisition and improvements, at a total cost of $2.9 million—reflecting approximately $900,000 in needed improvements needed to make it code-compliant and ready for tenant-funded renovations. The building and improvements will be paid for in cash, using unbudgeted revenue from the region's two casinos, with potential cost reductions of $450,000 from the project's private Capital Campaign and as much as $100,000 which could come from a Strategic Tourism Capital Grant.