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OLEAN – The owners of buildings at 112-116 West State Street were given 120 days Thursday to come up with a plan to redevelop the buildings in the Manufacturer’s Hanover Bank complex.

The buildings were purchased in February by Goodban Belt LLC, whose principal owner, Jeff Belt, owns Sol-Epoxy, in Olean. Before the purchase, the buildings had been scheduled for demolition.

Belt told members of the Urban Renewal Agency that demolition of the buildings would be a tremendous loss to the character of the street, especially with plans for North Union Street’s redevelopment.

The agency gave Belt and his attorneys 20 days to develop a plan to transform the buildings that are directly behind the long-vacant bank building. “We want to expedite this process,” Agency chairman Charles Corcoran said.