"I have reached an agreement to acquire the property at 26 Chestnut St.," he said Monday. "A contract has not been signed, but an agreement has been reached." The purchase, he said, will actually be made through a holding company and is expected to be complete sometime during the fourth quarter of this year.

"The agreement between Pacer Holdings LLC., and Exxon Mobil will prohibit development for several years, however, above ground development will proably occur sometime next spring," he said.

Russo explained that until the property can be devleoped it will serve as aparking lot with the hope that a tenant will be found for the existing buidling.

The former gas station closed in the spring of 1999 when Mirabito Fuel Group decided to discontinue the business there. They cited no reason at the time. After the closing, Mobil "de-indentified" the property by removing all vestiges of its company heritage, boarded up the windows with plywood and placed concrete barriers on the lot to block the entrances.

At the time the station closed, Mobil spokesperson Bennett Hanson said, "We haven't decided what our plans will be for the future. It was not meeting our expections as a service station."

The station is listed by the New York State Department of Environmental Conservation as an MtBE spill site. MtBE is a highly volatile gasoline addtive. The spill is still being remediated by Exxon Mobil and is the reason development of the property will be delayed.

"Precise plans for the future have yet to be developed," Russo said, but added that a hotel in the downtown business district would be a tremendous asset to the community, particularly in light of the recent GEIS findings regarding the shortage of adequate overnight accomodations.

"A hotel," he added, "would add to the tax, retard the continued development of overnight accomodations in residential neighborhoods and lead to an overall slowing of the development along the Route 28 corridor."

Russo declined to discuss the purchase price of the property. He also owns Mickey's Place on the corner of Main and Pioneer Streets and the building at 96 Main St.

"We'll be delighted to see some physical improvement to the property," said Cooperstown Chamber of Commerce Director Polly Renckens, who is Russo's new neighbor. "Whatever he does that helps alleviate the parking problem, we'll be grateful for."

"I'm happy to see someone taking an interest in the property," said Mayor Carol Waller Tuesday afternoon. Russo, she said, has a history of doing a good job with his other properties and anticipates it will be the same with the former station.

"Whatever is done on the site, I can assure the community it will be in keeping with the character of the community," Russo said.