NORWAY – An unnamed local developer has made a move to purchase the Odd Fellows Building on Main Street, Marcy Boughter of the Oxford Hills Growth Council told selectmen Thursday night.

The potential buyer is working with the mortgage holder, Northeast Bank, to close the deal.

If it falls through, Boughter said, the bank will auction off the building.

Boughter said the building was shown to the developer and two other interested buyers in the past two weeks, but the other two did not express further interest.

Boughter said last month that the developer has the necessary funds and a good reputation and while she was unable to say Thursday night what the person’s plan would be for the building, she said the bottom floor of the three-floor building is designed for commercial space.

Selectmen have been waiting to hear whether any of the three candidates had a viable interest in buying the building before they gave Boughter the go-ahead to spend some grant money to essentially “button up” the building.

With Thursday’s word of the possible sale, Selectman Les Flanders said it was time to go forward and spend grant money at least on the roof.

“I’d like to get the roof fixed no matter who buys the building,” said Flanders as the board agreed to allow Boughter to use what is needed of the remaining $68,000 state grant to put a new roof on the building.

A study of the building by Resurgence Engineering and Preservation, Inc. of Portland indicates it would take more than $800,000 to fully renovate the vacant building.

The bank holds the mortgage on the building, but the town is the “keeper” of the Municipal Investment Trust Fund money.

The building would be sold for the cost of the mortgage, which is said to be about $70,000, according to Selectman Bruce Cook.

The Growth Council, which is almost fully absorbed into the Western Maine Economic Development Council, bought the 19th century, three-story brick building in 2002 for $68,000 from the Independent Order of Odd Fellows Lodge No. 16. The council then received about half-a-million dollars in matching state money to renovate it for tenants, but some of it was never used. The council must sell the building so it can fully dissolve as an organization.

The engineering report has given the town three options to renovate the building. Each option is self-sustaining. They include $3,000 to replace a gutter and downspout to improve the roof drainage, flashing, brick stabilization and removal of a loose chimney on the building’s east side; $26,172 to seal cracks, address some roof repairs, temporary facade painting, weatherize windows, etc.; and $792,000 which would provide an entirely new roof and other long-term improvements.

According to the engineering report, which was released in January, structural rehabilitation and modification of the building remains feasible and straightforward. But the rehabilitation costs will be high due to the historic nature of the building and extensive damage to the rear facade. Costs will also be increased by the need for an elevator and additional interior stairs.