The Chester County Commissioners have begun the process of purchasing the office building at 313 West Market Street in West Chester that the county is currently leasing, writes Michael Rellahan for the Daily Local News.
The county has been leasing the building for the last 11 years and still has 10 years left on the contract. By purchasing the building, the county will save as much as $16 million in taxpayer money over the remaining length of the lease.
It was the cost-saving that “indicated that this was definitely worth pursuing,” said Chester County Commissioner Marian Moskowitz.
The building is currently owned by E. Kahn Development. However, if everything goes well, the county could officially own the building by March 2021.
The rent on the property was set at around $3 million at the beginning of the lease, with the rent increasing $30,875 a year. It also set the minimum purchase price of the building at $32.7 million with a maximum price of $42.6 million. The exact price will be determined after appraisals, which will be performed within the next 45 days.
Read more in the Daily Local News here.