Heather Wright/The Independent

Petrolia is hoping a new business will call the former ScotiaBank building home in 2025.

In March, the bank closed the historic branch. The Bank of Nova Scotia had been on Petrolia’s main street since 1911. 

The town expressed its frustration with the closure, but later struck a deal to purchase the building for $200,000.

Mayor Brad Loosley tapped Deputy Mayor Joel Field, Councillor Chad Hyatt and three staffers to come up with a plan for the building. Field presented the group’s plan to council during the Nov. 26 budget meeting.

Field, in a report to council, said there are a couple of conditions which limit what can be done. The town can’t sell the building for 10 years, and it can’t be rented to another financial institution. The ATMs in the foyer will stay and there must be 24-hour access. The bank’s signage has to stay on the front and it must be able to use an office occasionally.

The town also has promised to have the building designated as a heritage building.

The committee looked at renting out the entire space for five years – what Field says would be the easiest option – but chose instead to divide the building with a wall to create rental space in the front and a meeting room for local groups in the back.

Field says one of the ideas for the community use room would include display cases for Petrolia memorabilia, much of which was collected during this year’s Petrolia 150 celebration. The existing safe in the building may be used for artifact storage.

The committee is hopeful Petrolia Heritage will manage the historic artifacts.

The new facility will come with a cost.

The committee estimates it will cost about $57,760 to run in 2025. That includes $15,00 for a custodian, $19,760 for utilities and $22,000 maintenance and repairs to the building. 

The renovations to the building to create the rental space will be about $65,000. It will take about $50,000 to build a washroom and wall to separate the spaces. Another $10,000 will be spent on replacing a door with $5,000 budgeted to build an exterior ladder to get to the heating and cooling system.

But the committee is hopeful the retail or commercial space will also generate about $25,000 in revenue. 

“The revenue generated will not likely cover the annual operating costs,” the committee writes in its report to council, “Therefore the town would have to absorb an annual loss of about $28,000 to $38,000.”