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Milford Board picks Wayne Bank to finance proposed purchase, sets May 13 public hearing
Summary
The Milford Town Board voted 4–0 to engage Wayne Bank for a Statutory Installment Bond to finance purchase of property housing Cooperstown Cheese Company and scheduled a public hearing for May 13, 2026 to discuss the acquisition and financing.
The Milford Town Board voted to engage Wayne Bank to provide a Statutory Installment Bond to finance the town's proposed purchase of the property currently occupied by Cooperstown Cheese Company.
Supervisor Austin Partridge presented three financing options — Community Bank (loan range $400,000–$675,000, 10 years at 4.94%), NBT Bank ($675,000, 10 years at 4.65%) and Wayne Bank ($675,000, 15 years at 4.99%) — noting that "the first payment is due one year from the day the papers are signed, with annual payments thereafter." After review, the board recommended Wayne Bank and adopted RESOLUTION 4A-2026 (motion by Council Member Kristen Velasco; second by Council Member Vera Sosnowski). Vote: Ayes 4 (Partridge, Couse, Sosnowski, Velasco); Nays 0; Absent 1 (Thorsland).
The board also adopted RESOLUTION 4B-2026 to schedule a public hearing on May 13, 2026 at 6:00 PM at Town Hall to discuss the proposed purchase and financing (motion by Council Member Sosnowski; second by Council Member Couse). Supervisor Partridge said financing, a public hearing and legal review remain before any sale could close, and that the town attorney will be consulted on rental or lease arrangements if the sale completes before a tenant relocates.
The board discussed applying to NYS OSHA for Capital Abatement Project Funding tied to recent OSHA/PESH inspection findings; if approved, the grant could cover up to 75% of eligible abatement costs and reduce the loan amount. A final financing schedule will depend on grant decisions and the public hearing outcome.
