By Kara O’Neil, Staff Writer
The Venango County Economic Development Authority, which is spearheading the construction project at 100 Seneca, is working with a prospective tenant who wants to bring a brewpub and distillery to the first floor of the former bank. Photo by Jamie Hunt
Cornplanter Square, the former Mellon Bank Building in Oil City, got a new name last year as efforts continued to breathe new life into the building.
Planning for rebuilding the interior of the building and lining up the funding to do it was the main focus of Venango County Economic Development Authority during 2021.
In February, Venango County Economic Development Authority members heard from a marketing representative who recommended a name change for Cornplanter Square as part of a rebranding effort for the building.
Ron Mattocks of Bull Moose Marketing proposed changing the name to 100 Seneca at Cornplanter Square.
Mattocks said the former name was confusing because people may think it is a park due to the word “square” in the name. Economic authority members approved the name change at a later meeting.
By the beginning of May, a website and other online resources promoting 100 Seneca at Cornplanter Square were up and running.
The authority connected with a prospective first-floor tenant who toured the building in July.
During the summer, asbestos in the chimney was abated at a cost of $48,000. County commissioner Sam Breene noted the cost was significantly lower — by $16,000 — than earlier estimates indicated.
Once the asbestos was removed, the chimney area will be ready to hold the “guts of the building” such as the electric, according to Emily Lewis, executive director of the county’s economic development authority.
Much of 2021 was spent preparing for the interior construction that will get underway this year.
As a result of long, heated discussions during two authority meetings about the vision for the former bank building — as well as the financial strategies to get there — a strategic planning committee was formed to work out leasing agreements for the space in the building and to look into the return on investment of 100 Seneca.
In July, the county’s chief financial officer, Diona Brick drew up a document that detailed costs and funding sources for the project. The document also included projections on how much money will be needed to complete the effort.
The authority has pursued a variety of funding opportunities for the project.
In September, Lewis said the authority hired Clio Consulting and Grow Capital to look into the feasibility of getting a historic tax credit for the bank building project, which would generate some funds.
In October, U.S. Sen. Bob Casey announced the inclusion of a federal earmark of $400,000 for the revitalizing the former bank building in the 2022 Senate appropriations bill. The county is still waiting to hear if the earmark will be awarded.
As of December, the county has spent $1,133,010 in county funds on the project.
Brick said in June, $1 million of the county funds that have been spent on the project came from a $2 million balloon payment the county received from UPMC when it purchased Sugar Creek Station from the hospital organization in 2016, Brick said.
The rest of the funds for the project have come through grants from various government and charitable sources. Brick noted funds for the project did not come from county property taxes.
The total cost of the project was projected to be about $12.589 million, according to Brick’s calculations in December.
This is a view looking out of the former bank from the second floor balcony with Oil City’s Town Square captured through the windows. Photo by Jamie Hunt
Construction plans
Exterior masonry stabilization work and a building infrastructure package are out to bid now, Lewis said. She noted that the authority doesn’t bid out any part of the project until there are funds to cover the work.
The critical infrastructure for the building includes HVAC, elevator, electric, water and sewage.
The estimated cost of the infrastructure work is $3.2 million, and the masonry stabilization is projected to come in at $200,000.
Work on the fifth floor will also go out to bid soon, Lewis said. Plans have called for a business incubator there.
The intention is to begin construction on the first floor this year, Lewis said, though the construction won’t be finished until 2023.
The authority has been working with a prospective tenant who wants to bring a brewpub and distillery to the first floor of the former bank.
With its marble counters and decorative moldings, the spacious first floor is adorned with a fresco on the ceiling that has sustained damage over the years. Lewis said the ceiling will be preserved and likely restored.
“The ceiling is staying in place. A structural analysis was done and the ceiling is in good shape,” Lewis said. “All the historic features of the building will be preserved. We think the historic aspect of the building is important to leave in place,” she added.
The goal is to turn the first floor into a “warm lit shell” with lights and drywall and “things any tenant would need,” Lewis said. The cost is projected to be $3.4 million.
So far, the authority has received a $1 million Redevelopment Assistance Capital Program grant from the state and has applied for another grant that will fill the gap in funding for the first floor work, Lewis said.
The RACP grant is the third $1 million RACP grant the authority has received for the project.
Read the full article from The Derrick here.